Re-ordered: OED only has the Australian slang meaning, and that's the context that I mainly hear it in.
Surprisingly, the Macquarie Slang Dictionary (I have the 2002 reprint of the 2000 revised edition, ISBN 1 876429 18 6) doesn't include anything of a sexual nature in their entry for this word though it is certainly not a bowlderized dictionary.
When I first starting hearing this word maybe a decade ago I couldn't make out on my own just from context what it meant. But I had the same problem years before when I first travelled to the US and heard antsy.
To me I would say the MSD sense 1 fits perfectly with how I now understand this word except they neglect to mention that it very often has specifically sexual overtones, depending on the context of course.
It differs from horny which is used positively to mean turned on, aroused, whereas toey is used negatively to indicate that you're suffering from going too long without sex or that something is causing you to become aroused but you know you won't be sexually gratified.
I've never come across the horse racing sense but it seems to reveal the origin of the term. — hippietrail 02:02, 11 June 2009 (UTC)
Hello, in french
looks like the best equivalent'd be "être sur des charbons ardents" (to stand on red ambers)...While in spanish "cachondo" means both " horny" , & "joker". Cultural difference...T.y. y un abrazo de Pascua Florida para "Rastro de Jipi" !... Arapaima 08:40, 5 April 2010 (UTC)
I heard that one derivation of Toey was that when racehorses are in the starting gates and they are really anxious to start running, they "toe" the ground.