What is Rubber Bandit?
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A rubber bandit is someone who will put a rubber band around the base of their erect penis so as to trap the blood inside and maintain an erection indefinitely.
"I'm worried I might lose this... I'd better rubber band it."
"So that's why they call you the rubber bandit."
See
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1.)Something you tell someone who is tring too hard to be "hip, and with it" in a materialistic way.
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