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1.
a sock used to masterbate with.
Splatman is a no pussy getting mofo, he uses a lovesock.
by Josh October 31, 2004
 
2.
A sock (clean or dirty depending on the preference of the individual) that is put over the erect penis and used to masturbate with the intent of catching all/the majority of the semen upon ejaculation.

A common technique used by US Marines while aboard Navy ships.
I ran out of papertowels, so I reached into my dirty laundry and used a love sock.
by Josh Jerew November 07, 2007