Whispering Eye directly means vagina. Taken from the movie "Role Models" It is currently unknown weather the phrase existed before said film.
1. Dude your mom has a GAPING whispering eye!
Guy 1: "Bye mom, I'll miss you!"
Guy 2: "Tell her youll miss her whispering eye!"
Guy 1: "and, I, uh, miss your whispering eye"
Guy 2: "dude... that means vagina"