A rarely occuring anomaly in which the penis is protruding through the end of a condom upon completion of a sexual act involving penetration. The rubber o-ring is all that is left to fasten the tattered rubber to the penis. Often times this will be followed by an "Oh shit" and possibly a purchase of the morning after pill. Mythically caused by rough sex; some believe that parachute penis is a syndrome caused by canine molars deep within the vaginal orphace.
Every time I have sex with my slam piece, I get parachute penis.