rainbow party
 n.— «As explained in a new paperback novel for teenagers from Simon & Schuster, rainbow parties are group oral sex parties in which each girl wears a different shade of lipstick, and each guy tries to emerge sporting every one of the various colors.» —“Are These Parties for Real?” by Tamar Lewin New York Times June 30, 2005. (source: Double-Tongued Dictionary)

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