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1.
A phrase used to express an individual's lack of resources, opportunities, prospects, options, etc.
My job pays well, but after paying child support, bills, and my mortgage, I'm left with my dick in my hand.
by BgKen April 17, 2011
25 8
 
2.
Meaning to have nothing to do, waiting, no current prospects or opportunity.

Etymology comes from the late 60's when the number of males at any given orgy would out number the females, thus leaving some to stand with their dicks in their hands, respectively.
Jethro showed up late to the orgy to discover that the gentlemen far out numbered the ladies. He could be heard exclaiming to himself, "I'm just stuck here with my dick in my hand"
by Holden5986 June 17, 2012
8 2
 
3.
It could be a reference to male pride, but in order to explain Sonny's usage of the phrase in The Godfather, it goes a little deeper. The word dick can also mean "nothing", and in Sonny's case I think "hand" has a double meaning. He means it literally and figuratively. If it's a reference to male pride, it's in the sense of the phrase "wearing only a smile", meaning that Michael would come out of the bathroom with nothing but his pride. More literally, Sonny wanted Michael to actually have the gun in his hand when he exited the men's room.
Sonny: I don't want my brother coming out of that bathroom with just his dick in his hand.

Michael: Don't worry, I won't have my dick in my hand anyway.
by fizzle December 19, 2005
24 19
 
4.
A phrase said to expressing male pride.
Having your "dick in your hand", though not literally, means you are holding your pride, in reference to a man's penis being his pride and joy. Often makes him feel like the shit.
Mystikal: I came up in the club with my dick in my hand!....
by The Great Houdini December 07, 2004
39 38