1. Through the sheer force of a faulty decision-making process (not through inconvenience or lack of desire), a particular girl or group of girls will participate in no sexual acts in the foreseeable future.
2. Due to their own stupidity, a given person or group of people will lose out on some positive aspect of another person or group of people that each party is otherwise willing to give and receive.
3. Can refer to a lack of any such positive motivator as a noun.
The phrase does not have any homosexual connotations under any circumstance, and a "no homo" or a "pause" is never necessary when using it.
Man 1: Dude, she specifically didn't invite me to her party because she thinks what I did at the last one made her look like a slut.
Man 2: Damn man, don't even worry about that bitch. She would be lucky to have you there. #nodick
Republican-dominated Congress: Yo, Brobama, we don't want none of that revenue increase plan you got there.
Obama: It is with the utmost sincerity. That I. Barack Obama. Inform you. That you, the Republicans of these United States. Will be receiving. #nodick.