It's when one person puts their fisted hands on top of eachother to make
the pole. Another person then puts their hand on top of "the pole" and makes a flag and waves it. It's used in
akward or just randomly to get some laughs. Also done when everyone starts doing different kind of akward things, like the
akward turtle, blowjob, moose, etc.
After
Johhny made his comment we all started doing different
akward things, me and Jamie did the
akward flag pole to the amusement of everyone.