Variation 1: When a male's private part is so long or the shorts (and underwear) are so short, that the male private part dips below the bottom of underwear and is visible below the bottom hem.
Variation 2: When a man's private parts are so long that they dip into the water in a urinal.
Var 1: "Dude, you need longer shorts. You're weighing anchor."
Var 2: "Man, I hate when I weigh anchor. That urinal water is disgusting."