To agree with someone. To accept what their saying.
person1 "I'm off down the boozer at 6, you coming?" person2 "Honky-donkey, see you then!"
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Means almost anything you want it to mean, usually to annoy the person you are talking to because it has no real definition.
So do you want to go out back and honky-donkey?
I can't believe she did that, that is so honky-donkey!
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The term Honky Donkey is a derogatory term used to describe an irritating white person or a person of the caucasian phenotype who you just want smack upside the head for their ignoramus stupidity. A synonymous term or a term that can be used interchangeably, in order to hammer the point home, could be: Cracker Jackass.
Classic Exemplar: Donald J Trump aka Honky Donkey-in-chief aka Crack JAckass-in-Chief
If it looks like a honky, walks like a honky and talks like a honky, then by default it's a donkey.... hence Honky Donkey.
(feel free to swap out honky for cracker and donkey for jackass, should the honky donkey you're berating, not understand what you're going on about).
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a prostitute or whore who is so desperate for sex that they would do it with a donkey or any other animal that isn't classed as a human being, be it for money or pleasure.
Man, you don't wanna go past third street, from there on it's just honky donkey's. You might get ring worm.
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A white dude with donkey size cock.
That John Holmes had some cock for a cracker, he was a donkey honky.
A white dude that's hung like a donkey.
John Holmes was a honky donk donkey honky.