First Coined in the last segment of S5E3 of Key and Peele
Used when you are going to do something really cool/be the coolest person around
For instance if you were at a party, and you're going to start dancing
'Imma jump in this party full dingle'
'Dayum, he gonna do some amazing shit up in here'
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.