The same as "e-boner" which means being aroused or turned on without the physical effects of a full-on erection. This term can be used by either sexes, so it doesn't have to pertain to just males.
Mostly used in on-line chat forums. Also can be used in plural, which is meant to magnify the point tenfold.
Did you check out those pictures of that chick? Oh man, she gave me a phantom boner!
WOW! She has some big tetas! I'm a chick and she gave all of us phantom boners!
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