Homewrecker hoops are large, hoop (almost always circular) earrings sometimes worn by a homewrecker. While the hoops themselves have no special power, when combined with a quality homewrecker the hoops take on a synergistic allure. In the context of homewrecker hoops, this scenario typically involves a homewrecker female targeting a "happily married" male.
J: "Hey, you see that girl across the bar?"
D: "Which one?"
J: "The one rocking those homewrecker hoops."
(J. to himself) "Man, I'm happy I'm not married, because that girl's earrings are making me weak in the knees."