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1) A word used to describe a mannequin that is manufactured to have nipples to seem more realistic to a woman's body, but ends up being unrealistic and unnecessarily disgusting in the long run, as no woman nips out in a leather jacket but a "nipplequin" does. It is rare but nipplequins may also be designed to look like a male.

2) a mannequin that looks less like a mannequin and more like a sex doll.
Damn, that mannequin is nipping out so bad, it must be a nipplequin.
by Princess Midna of the Twilight December 27, 2012