A merging of the words 'cock' and 'compensate'. The act of compensating for a man's genetalia, or lack thereof, by different means. This may include the purchasing of large automobiles, the buying of large houses, or various spending on other supersized memorabilia.
Man 1: Look at Jerry's new car.
Man 2: Wow, that thing's huge. He's always told me how much he hates big cars..
Man 1: Hmm, probably trying to cockensate.
A person with the ownership of a substantial amount of bodily jewlery. Usually indicative of men, but in rare cases, in women. (Multiple ear/belly-button/other part piercings.) Bling kongs can be easily separated from a crowd by the sheer quantity of jewelery that they possess. This normally attracts a multitude of women (wanted or not) as well as hordes of co-ballers that seem to know him or her.
Steve: Hey Ben, is it physically possible for someone to wear 37 gold chains while standing?
Ben: Hmm, I really don't know.
<Bling Kong enters the club>
Ben: Damn, I guess you can.