1. to watch porn, to masturbate (usually simultaneously)
2. to give head to a guy
Originates in high school sex-ed classes where studying is laughable and sounds slightly dirty.
Jim: "Dude you study for the penis test with that like every night"
2. Jane: "OMG I had the most AMAZING time with Jake last night! We saw Old Dogs and it was SO funny!"
Janet: "Please that movie sucked you studied for the penis test didn't you?"
Jane "OK maybe just little..."