To decorate your cock with jewels, thus bedazzling your penis.
His cock it small but its penazzled so its worthy.
When a men bedazzles his man region using any sparkly/bejeweled variety of body art.
Lady: "Wow! What an amazingly shiny penis!"
Man: "Nice sparkle nuts, broseph!"
Penazzled Man: "Thanks, I went with a penazzle tonight."