Sadly, some of the jokes poke fun at one of the following alternate definitions:
1. a hole in wich gold is located on gold rush Alaska;
2. A room or cupboard used for storing miscellaneous articles, too good to be thrown out or given away, which may be useful at some future time;
3. A hole in the counter at a coffeehouse,
used to dispose of trash (send it to glory, as it were);
4. A furnace used by glassblowers to heat pieces while working.
From the Urban Dictionary linked earlier in this post. Of course, I think the standard definition makes his comment funnier than hell. Also makes me wonder what goes on in those locker rooms. Of course, it also makes me think of the scene from Porky's:
http://www.youtube.com/watch?v=UFVeDfyLUkk&feature=related