Short for Fag Circle Of Trust, where a bunch of naked dudes stand around in a circle and sit down on each others erect cocks and joining all that are involved in a massive gay orgy that relies on everyone to work.
Dude 1: Hey do you want a do a F-COT, we do it all the time at camp?
Dude 2: Sure.
Dude 1: Ok than take off your pants and get an erection.
Dude 2: WHAT!?!
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.