When a person on a boat has held in their fecal matter for too long and has no other option than to release their excrement over the side of said boat.
Jim, look at Steve, he just made bum chum off the side of your boat!
The gay version of bros before hoes and sisters before misters. Used regardless of position preference.
Scott: "Yo, poker this evening. Up for it?"
Arnold: "Nah, gonna get me some Derek this evening."
Scott: "Chums before bums, bro."
Arnold: "This great and completely valid argument has fundamentallly changed my world view, so I shall come to this poker game of thine!"