What is The Cat's Penis?
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Noun: Similar to "The Bee's Knees", this saying was popular for a brief time in the late 1970s and early 1980s. The phrase connotes a feeling of excitement and approval.
I went to the Pearl Jam concert last night; their rendition of "Love Reign O'er Me" was The Cat's Penis.
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this isn't a spoonerism but a fully-fledged insult in its own right. it should be used in pleasant company as a derogative term fav..