Step 1 -- Occurs when a male is in or at a Hampton summer share house (preferably the Bays or Westhampton), then he takes a dip in the pool wearing some nice swim trunks with netting liner, then while his body is underwater, he pulls back his trunks, thus freeing the netting liner, which acts like a pouch holding his exposed cock and balls.
Step 2 -- At this point, He calls one of the House whores to come poolside, and when she gets there, he propels his crotch upwards out of the water so the lucky girl can view the pearls of the deep -- i.e. the catch of the day.
Susie: Danny, don't fuck around, I'm really hung over from drinking lemon drops and getting assfucked by some Guido at Summers last night.
DannyB: Check it out . . .(Dannyb's bottom half resurfaces) . . . IT'S THE CATCH OF THE DAY -- 2 FAT SCALLOPS AND A BABY SHRIMP!!!
Susie: Eww gross!! Barfff!!
DannyB: What? What I do?
Tim: I gave this chick the catch of the day
Dave: Yeah and I took the photo! She was at least 120 lbs!
Dudeman 2: I acted like Long John Silver and gave my girl the "Catch of the Day."