An exclamation of when the penis becomes erect and is pulled from the inside of one's underwear for viewing. It is a term that is generally used by the driver in the front seat suggesting that his friend is ready for horseplay with his bitch in the backseat.
Mike: Hey Tony, so that was some concert, huh? Boy, that Blue Oyster Cult can rock, man that cow bell was..was..what the? (twists head to the backseat) COCK OUT! COCK OUT!
by Plasty1 September 16, 2006