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1.
A compliment given from one straight guy to another.

Such as when woman say "You look pretty" or "I really like how you did your hair". Its the male version of these basically.
example 1-
Guy 1: "Hey, Nice Penis"
Guy 2: "Thanks man."
*exchange of high fives*

example 2-
Guy 1: "Hey man, whats wrong?"
Guy 2: "Nothing just having a shitty day, ya know."
*Guy 1 holds his hand up ready for a high five*
Guy 1: "Hey, Nice Penis!"
Guy 2: "Thanks man."
*Guy 2 completes the high five and now feels the upside to the shitty day*
by WippyJ October 25, 2011