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1.
When a nipple, usually during puberty, becomes hard like a nut under the skin; a common misconception is mistaking hard nipples due to cold weather or arousal for the nipple nut, however there's a fine line between them.
as i went in for some bean dip, I was sickened at the touch of the nipple nut.
by The Dung Beetle May 04, 2009
 
2.
The parts of the female anatomy that becomes hard and protruded when the temperature is cold.
Jill - "It's so cold that I'm freezing my nipplenuts off!"
(The female version of "Freeze my Nuts off")
by Coldy McColderson July 07, 2010
 
3.
A term used by older men who were seemingly in the military at one point in their lives and now employ the term in degrading high school athletes. Being a combonation of the simple terms nipple and nuts, it's effectiveness is increased tenfold.
If you don't finish this lap in under ten seconds nipple nuts, i will run your weak body into the ground!
by GK18 March 25, 2007