What is another day at the races?

The sexual act of covering one's flacid penis in peanut butter, to be licked off by a large amount of dogs/puppies.

Nick: (Covers penis in peanut butter) Time for another day at the races! Who wants to see me get my D wet?

Declan: Nick, all those puppies are ignoring you!

Nick: Aw crap.

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another day at the races - video