The situation of having a smelly penis. for any reason possible, the male ends up with a unpleasent aroma on his penis and therefore has a "stinky winky"
Guy# 1: dude, i fucked this one chick in the ass, she forgot to wipe.
Guy# 2: o man, you got owned, you and your stinky winky
Guy# 1: so, at least it wasnt as bad as when i did your mom, that shit needs some raid
Guy# 2: well im not the one going around getting my pecker all raunchy, so stfu