Listed in order of most frequent usage:
1. An under-aged girl that is unusually attractive and often hit on with the thought of intercourse. This interaction is later followed with the excuse of her over-developed body shape.
2. To move a girl's hair out of her face with the use of a penis.
3. When pronounced quickly: Slit-her-baun may refer to the slitting of a girl's "baun." This refers to a method of violence often used in renaissance terms for the act of slicing a "baun" in half.
4. A chain of water parks located in Texas and Kansas.
1. "Hey pass me the jelly, I think I have a hard-on for this schlitterbahn."
2. "Babe, would you mind?"
"Yes, my dear" *thwak*
"Mmm that was good, thanks for the schlitterbahn"
3. "This is a rather awkward situation...it appears that I have schlitterbahned."
4. "Hey, I have a pass to Schlitterbahn..yay..it's beef jerky time."
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.