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Refers to an African-American male who is homosexual.
"That nigga Jamal is a fuckin' broke-black"
See gay, black, broke..
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Rainbow formal is a dress code similar to black tie, where the attendees to the event (normally a ball or awards ceremony) are required ..
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Refers to the 3 B's that a man looks for in a woman in the order of preference -
First B - Boobs
Second B - Booty (ass)
Third ..