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1.
It can either be done with a dildo or a real phallus. One person dresses as the monopoly man / mr. peanut (monocle REQUIRED). The "phallus" is then placed across the upper lip of the "snooty" much like a fake mustache. That person then tells an erotic story in the style of a masterpiece theater reading.

Also used to describe when someone is trying to be high-brow but sounds like they've got a dick for a mustache.
"That poetry reading was dickishly snooty"
by ninjo May 04, 2010