One male is described as having a rainbow serpent when he has sex with a woman from every race.
Dude, Gibbo just fucked a indian chick and now he has a rainbow serpent.
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It's an aggressively homosexual aboriginal that attacks you (in the binung) while you are unconscious. The nightmares that follow is what they call the Dreamtime. You may encounter it during a coroboree.
Person 1 : are you OK?
Person 2 : I feel fucked after last night's party.
Person 1 : probably that Rainbow Serpent mate, now you understand the dreamtime.