Previously known as the "chip clip", no one knows why it is called the "chip clip" because obviously everyone just puts in on their wang. Thus now it is known as the "Wang Clip" or "Wang Hanger"
Steve: Hey! Is that a "Chip Clip" on your ding dong?
Todd: "Chip Clip"? WTF Mate?
Steve: Yeah, those clips hold your bag of chips closed so they dont get stale.
Todd: No dude this is a Wang Hanger, thats what everyone uses em for anyways.
A chip clip, as when hung on a wang so as to hang off of it
Gabe was wearing a wang hanger