Best definition
Yellow Elephant
A Republican who says they support the troops, the president and the war in Iraq, yet insists on staying safe

at home, urging others to do the actual fighting and dying. Derived from Operation Yellow Elephant, a program devised by Jesus’ General, to encourage attendees at The Young Republican National Convention to enlist in the military. See OperationYellowElephant.com

The Yellow Elephant says we need to support our President and the troops, yet he refuses to go to Iraq because, “My war-supporting skills are needed more here at home.” And with that he jumped into his Cadillac Escalade festooned with Yellow Ribbons and drove-off to cash his trust fund check from Mumsies.
Yellow Elephant: define #2
Yellow Elephant
A Republican who screamed bloody murder for a war with Iraq; but now that we don’t have enough troops, has a million excuses for why they can’t sign up.
Rush Limbaugh, Andrew Sullivan, Ann Coulter, the staff of the National Review, everyone at FoxNews, College Republicans, Young Republicans, etc.
Yellow Elephant: define #3
yellow elephant
Someone who lets their past failures and/or past pains prevent them from doing something for fear of getting hurt or other unpleasantness. An act of cowardice that is derived from past failures or shortcomings. Or anyone who has let failure prevent them from trying at least one more time

Combination of “An elephant never forgets.” and “Yellow bellied coward.”

James is acting like a yellow elephant for not asking that girl out just because he just got dumped.