The folk hero of ledgend who, in any given situation, takes the route of action that requires the most balls. Usually referred to in romanticsituations in which one guy is trying to convince another to "take the ballsy road" so as to help him win over a girl and/or avoid being a total pussy.
Dude A: I can't do that man, It's too risky...
Dude B: Come on man! What would Ballsy McBallsington do!?
Adjective for someone willing to take risks, or displays how manly or unafraid of authority and/or getting caught a person is. Also to describe the act of something dangerous or forbidden.