1) Euphemism for a penis, where "one-eyed" refers to the external urethral orifice (or pee-hole) located at the tip of the penis' head.
2) One-eyed willy, both alternate spelling and definition.
Expression's origins: derived from the name popular character from the film "Goonies" (although this context has been permutated with time). See also dong, dick, schlong, willy, wang, johnson, cock.
I have six beers, and next thing I know, I'm staring into the eye of Jake's one-eyed willie.
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Euphemism for the vagina. Origins: From "jazm", a truncated form of the expression "jizm jazm" (see jizm), and where a chasm is a deep geological recess or abyss.
I think he got some jizm jazm in my jazm chasm.
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