As a noun, the list of weblogs (blogs) on your blog that you like, or otherwise want to commend.
As a verb, the tactic of listing another's weblog in the hope that this will induce them to link to yours. Cf. if you don't go to other people's funerals, they won't come to yours.
(verb) to find another person with the same name has stolen the URL of your name or your blog
John Smith goes to set up a blog at (say) blogger.johnsmith.com to find (scandal!) that it's already in use by another &*&(*&! John Smith for HIS blog.
A list of blogs that if, printed out, would supply you with enough loo paper for the next 10 years. Blogroll, due to it's shitty nature, makes excellent loo paper due to the universal law of attraction of similar particles.
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.