What is Monkey Rag?
1.
a special towel, shirt or other cloth object kept near your bed, preferably between the mattress and box spring, which is used to wipe up masturbatory ejaculate.
"John's monkey rag is getting stinky because he hasn't washed it in 3 months."
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1.
(v.) masturbation while sitting on the toilet.
The shower is running and you are taking a piss. You suddenly realize that you need to ..
1.
Used as an expression of happiness, accomplishment, laughter, etc. Basically any positive event/emotion.
For the negative effect, see &..