What does "I am farting the rainbow" mean?
Jack is blaming something on his Uncle Charlie, he says:"I like it better when my dad takes me to school"
then Charlie says:"Jack, you aren't having fun? Because I am farting rainbows over here!"
In the context given, I presume it is meant sarcastically to imply that the uncle is having a rotten time.
A good example of how new language meanings are constantly being created.
In the example you gave, it means Uncle Charlie is NOT having a fabulous wonderful good time and that he is only there because he had to bring Jack to school. "Farting rainbows" is a (somewhat vulgar) term to indicate that someone is doing a task under protest, a task that supposedly should make everyone blissfully happy and have fun. For example, if you don't like clowns and are forced to go to a birthday party where a clown keeps getting in your face and making balloon animals and pulling coins out of your ear, you're probably secretly wishing you were a million miles away. If the host asks you "Are you having fun?" you'll reply "Oh yeah, I'm absolutely farting rainbows!" and that will indicate to the host that you are most definitely not enjoying the party.
To sort of explain the idiom, "fart" is a (somewhat vulgar) term to describe breaking wind or passing gas, which is usually considered rude and disgusting. But to fart a rainbow means something magical and special and wonderful - imagine how much fun you must be having in order for your gastric expulsion to be so very beautiful!
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