A merging of the words 'cock' and 'compensate'. The act of compensating for a man's genetalia, or lack thereof, by different means. This may include the purchasing of large automobiles, the buying of large houses, or various spending on other supersized memorabilia.
Man 1: Look at Jerry's new car.
Man 2: Wow, that thing's huge. He's always told me how much he hates big cars..
Man 1: Hmm, probably trying to cockensate.