This is a handy expression, whose original implications are all but lost. It originally was devealoped in the pornographical underground circus, in which, as a mockery of the quite legitimate affairs taking place in the open, a woman would be stripped naked, and affixed to a spinning wheel. then, instead of throwing knives, a man would aim at her with dildoes. The term has come to be synonymous, in different contexts with "Throwing in the Towel," "To steel oneself for..." and also to throw the dildo is to procrastinate or prevaricate.
Throwing the Dildo:
Damn, she really threw the dildo on that competition, what a dissapointment.
Hold on, I'm trying to throw the dildo before I jump.
"The meeting went well boss, but they threw the dildo at us so often that we couldn't make much headway."