The phrase is said in the song "Lucy in the Sky with Diamonds" by the Beatles. When looking into a kaleidoscope, it seems as if the world turns into many different colours and swirls and reality doesn't seem real anymore. This is what happens in an LSD or Acid trip. The song is about this happening to Lucy. When someone says a person has kaleidoscope eyes, it means they're 'tripping' (hallucinating) on Acid.
"Did you see *blank*?"
"Ya, he's got kaleidoscope eyes!"
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LS, also known as Acid, Squares, tabbies, cubes, sheets, papers, and blotter.
Man, i just found the girl with kaleidoscope eyes, she was awesome, although our date cost me __ (insert price here) dollars. I'll give you her number if youur interested
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