The action of telling the begining and/or middle of the story without revealing the the most interesting point (which usually occurs towards the end). This is most common when telling secrets, sexual stories, gossip, or embarassing situations.
The act of giving the "Dry Stick" usually occurs when the person is telling the story then realizing how embarassing, ridiculous or stupid the story or tale is. Then set person regrets starting the story-telling and therefore gives you the "Dry Stick" by not revealing the last section.
The "Wet Stick" is the act of redeeming ones self from giving a "Dry Stick" earlier. Giving a "Wet Stick" is finishing the story or tale from which the starting was told during the "Dry Stick" period. This results in a full usually embarassing story of the story-teller.
Nigel : "Chea son my finga was all up in her... naw naw chill I can't speak dat s'way too dank"
Frank : "Come on yo.. brah don't play me dat dry stick"
Nigel : "Alright, good fellow my phalanges and metacarpal bones ended up on the interior side of her tea cup, what an magisterial egregious sticky wicket!"
Frank : "Since you have completed your tale, you have henceforth Wet my Stick, I will be forever indebted to you. For giving thyne sweet Wet Stick is deserving of a great prize of eternal gratitude. My gift to you is 500 schellings and 12 earth mana, this will give you a chance at a better tomorrow. Farwell Nigel, God Speed."
*Rides into the Sunset//Fades to Black*
Yes this is just two characters nothing changes but the language from a sort of ebonics to high class proper english with added theatrics at the end.