The act of exposing one's penis at a party or event (preferably a large one (referring to the penis or the event or both)) and shooting jizz EVERYWHERE. Thus spraying and dazzling everyone at the event or party.
The following is Jake's account of a sprazzle dazzle:
Jake: This party really blows.
Timothy: Very true. Here, imma try to save it. (Hops on stage and whips it out.)
Jake: ...the fuck??? OH! AHH!
(A cannon shot is heard and jizz flies everywhere)
Audience: AHH! EEWW! OHHH! (Moans and groans)
Jake: Well that's the end of this suit...
Random girl: That was dazzling!