BSOMBS is short for the term, "ball sack on my ball sack." This is not inherently a homosexual term, though it can be misconstrued that way. It is generally used as a term of frustration, although it can also be used jubilantly.
Adam: "Dude, I just got a C on that test!"
Kathryn: "BSOMBS!"
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.