What is Penis Cowboy?
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Occurs when one man spreads barbecue sauce (preferably Bull's Eye) on another man's scrotum. The man who spread the sauce then proceeds to lasso the scrotum to the point where the blood stops flowing to the penis, thus forming a tip resembling that of a cowboy's hat.
Hey Johnny, you should really watch out for the penis cowboy. I've heard of some weird things going on at that place.
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I think this is a misquote, it should be 'Me cago en la leche que mamaste' which means "I shit in the milk that you suckl..