A place for a female to sit that comprises a man's lap and, specifically, his erect manhood. Use of this phrase usually implies that more than just sitting (namely, boning) is underway.
Alex's sister is hot! I may have to let her sit on the Tool Stool.
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A tool who dose not pick up on rejectment by the person they are trying to impress. In order to covey the rejectment you must be so blunt with them that you might as well be hitting them with a stool.
Girl: "I swear to God he is SUCH a stool tool!"