Elvis Conspiracy Theory means in slang: According to some theories, Elvis Presley died not from drug overdose or taking drugs but from heart failure after somebody found him jerkin’ his wang. Elvis Presley was rumored to have had a bone and did not want it to be revealed. He told his friends that he would return to take a shit, and then he went to the stall. He entered the stall and, forgetting to lock it, began grasping the pecker. Another person came in, having taken a terrible shit, and accidentally opened the door to the stall Elvis was inside. Elvis felt so ashamed that he suffered a heart attack. Elvis was later embarrassed enough that his manager paid the media to fabricate a story for him so he wouldn’t lose.
(in Slang Dictionary, added by Luz Oliver)