One of many euphemisms for a condom, or prophylactic that covers the penis during sexual intercourse.
Condoms have always had a bit of a bad reputation, mainly due to objections of its use, from various religious organizations.
Many claimed, in early times, that it was against God's Will, to use anything to cover the penis, in preventing pregnancy, as well as sexually transmitted diseases.
Today, those objections still exists.
Some of the other more popular euphemisms are: Rubbers, Suiting Up, sheath, love glove, bone bag, glove, pecker glove, party hat, plumbers helper, glad bag, snake skin.
Advances in technology and processes, have allowed for condoms to be available in various formulations, colors, and styles, to not only prevent transmission of diseases, but to aid in stimulation of the sexual experience.