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1.
A penis with arms and legs made of smaller penises. Calling someone a cockaloid has a variety of meanings, but is usually used to call someone stupid, rude, or just a plain jackass.
Justin: "Did you see that dude with the skinny jeans and wool cap on in the weight room today?"

Brent: "Yeah man, what a cockaloid."
by bunthole February 06, 2011