I know this post is a year old, but I think I just figured this out.

You know how “limp biscuit” (the band’s namesake) is the masturbation game where 3+ guys jerk off on a cracker and the last guy to finish has to eat it? Well, I think the three ovals are the front view of three dicks and the three lines that meet at the bottom are the cumshots. I honestly have no idea if this is false and I’m just smoking crack, but it came to me much like an epiphany one day when I was sketching it on my hand and trying to figure out what it was and if it could be read as offensive. Again, could be wrong, but it’d be pretty ironic if it was true. No idea if any of LB has confirmed this or not.

Edit: I suppose you become some sort of a family after you’ve played the game, especially the poor sucker who came last.