A Frosted Cracker is the result of playing the age old game where you and your mates circle jerk around a cracker until you all nut. Thus leaving the last one to nut to then eat the Frosted Cracker
Tony: LOL looks like rob is the last one to nut
Rob: Dang now i gotta eat the Frosted Cracker
A tasty treat that involves cumming on an asshole, letting it dry, then eating the remains.
Usually the product of a homosexual act, but anyone with a dick can make this!
Jeff: Hey Bob, you hungry?
Bob: Yea, I go for a Frosted Anal Cracker!
Frank and Dave wanted to spice up their sex lives. So Dave made a Frosted Anal Cracker on Frank