It has two meanings:
1. (Child) It's about something that happened on Serj's childhood. He got a real pogo stick and he show to his girlfriend and she had so many friends, and he could make a trick with the pogo stick and he showed it to her and her friends. Then hi was jumping with it and the friends of his girl friends spread out, leaving space to him to jump and bounce, then he lent the toy to them.
2. (Adult) I know that the song has a sex meaning by the part that says "gliding through many hands" meaning that they masturbated Serj's "pogo stick". In this meaning is about an orgy, he fuck all them.
