Sometimes spelled bonerflex. A boner-flex is when one is in a public place or something and he is horny and has a boner. However, not wanting to embarrass himself by masturbating, he flexing his penal muscles to acquire the intended pleasure.
The word boner-flex can also be used as a substitute for various swear words.
Dude, I was so horny in class so I just had a great boner-flex.
Dude, what the boner-flex?!
Son of a boner-flex!