Latex can be put around nails and then be peeled off after the nails have been painted. It's very satisfying to watch so someone put together a compilation of all the "peel porn". It's now a thing.
Christine: It's time for some peel porn...
*Sexy music starts playing*
Christine: *slowly peels off latex*
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It's another derogatory term for a gay man
Some Dickwad: Hey! Since when do assjabbers like you come into bars