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1.
A slouchie beanie or slouched hat that is notorious to hipsters and douches. It looks like a limp dick.
"Ew, that guy with the limpdick hat is totally hitting on Becky even though she already told him she has a boyfriend."
by KatieN February 16, 2012
 
2.
The loose hat that is notorious to hipsters. Also known as a slouchy beanie. It received its name from looking similar to a flaccid penis (or limp dick).
"That douche with the limpdick hat keeps trying to get in Becky's pants."
by PomegranateKatie January 31, 2012