chocolate starfish is a term meaning anus - not sure about the rest.

Unfortunately, you can take it to mean a few things, but each of them is equally gruesome. I offer a word of caution first, so that you know that the following reference may be inappropriate for some: http://www.urbandictionary.com/define.php?term=hot+dog+flavored+water It is also a part of an album from the artist "Limp Bizkit" with the full album name "Chocolate Starfish and The Hot Dog Flavored Water". Yes, both terms have a meaning that is an unpleasantry.

Limp Bizkit are a famous American group that features Fred Durst, Wes Borland, Sam Rivers, John Otto and DJ Lethal. The group have released several albums including 'Chocolate Starfish and the Hot Dog Flavored Water'.

Lim Bizkit third studio album Chocolate Starfish and the Hot Dog Flavored Water, released in 2000, continued the band's success. The album sold 1.05 million copies in its first week, making it the fastest-selling rock album ever, breaking the record held for 7 years by Pearl Jam's Vs.[2]

Whether you should try it really depends on your preferences. If you like vanilla ice cream or vanilla pudding, you would probably like vanilla flavored hot chocolate.