A cocktopus is a creature that is so much of a dicks and/or douchebag that it has the power of eight dicks and/or douchebags.
Alternate meaning: A creature that eats the grey matter of dicks and/or douchebags and swims in the empty cavity left. If left unattended to more dickness and/or douchebaggedness may occur.
That jerk that cut me off on the road was a giant cocktopus.
My ex had a giant cocktopus eating his brain so I left his ass.