A phenomenon where the penis makes a pop or snapping sound while masturbating, much like the sound of bubble wrap being stepped on.
See also: "snap, crackle, cock".
"Dude, what's that crackly noise I keep hearing through your bedroom wall? You eating Rice Krispies?"
"Nah, I was just jerkin'. Crinkle dick."
A dick which is shriveled or wrinkled.
Jeremy came out of the pool and the girl said "gross Jeremy has a crinkle dick."