Hobo vagina is an epic story told by Mike Galante during the after show of BBLiveShow Episode 6. The story is not in the recording of Episode 6. No audio recording of this story is known to exist, but there is video on YouTube.
Briefly, a hobo ended up accidentally exposing herself to Mike and Brian on one of their journeys.
No audio exists in any of the "hobovag" videos. You'll have to imagine.
Mike can no longer run for any public office.
Use Outside BBLiveShow/NSFW
At the Extreme Geek game show during Anime Boston 2010, a scrolling text app (Air Marker) was used on a BBLiveShow fan's iPhone. The fan quickly discovered that the crowd would shout out anything he wrote there. It wasn't long before the crowd was all shouting or chanting "Hobo vagina!" These shouts or chants were sparked at least a dozen times during the two-hour 18+ event, sometimes with the promise of candy.