Used to describe something that is so insanely mind blowing, you have to put multiple words together to create one grandeous word. Usually used when talking about intercourse or other various sexual acts.
Girl: "omg that was the best!!! Pretty much amaztasticlidiculous!"
Guy: "ya, that's what all the ladies say."
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.