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1.
When you are caught unexpectedly in a predicament in which you have no immediate solution, or no tools to do the job, you are caught standing with only your DICK IN YOUR HAND.
When Melvin blew the tire, he opened the trunk only to find the jack gone and the spare flat. I told him "You probably looked stupid standing there on the side of the road with only your DICK IN YOUR HAND"!
by The CLE Steamer May 11, 2009
42 10
 
2.
A. pose where someone who should be doing something more constructive but just stands there being a worthless maggot
B. Not taking advantage of a situation

Also a good chorus to a song:*slow depressing beat*
Standing with a dick in his hand
nobody understands
why he's standing *beat beat*
standing with a dick in his hand

song is usually sung after someone claims that someone is standing around with a dick in their hand.
Bill Horton: God dammit stop standing around with a dick in your hand and get back to work.
*********
Me: that fine girl was smiling at me but all i could do was stand around with my dick in my hand.
by kill yourself please October 03, 2005
48 22