An awkward handjob/masturbatory grip where the thumb faces down and comes up against the pelvis. It allows guys to jerk off other guys without either being labeled gay. However, if a male masturbates using the dolphin grip, he is most certainly a homosexual. Furthermore, if a girl gives a guy a handjob with the dolphin grip, they are both gayer than a Clay Aiken concert.
"I mean, yeah, I jerked off that dude from Omega Tau at our house party last night, but I used the dolphin grip so it's totally cool. Right?"