A term used for some poor son of a bitch who finds out that his really hot girlfriend he has been showing off to his friends and family for the last 3 months is in fact a shemale.
A guy who decides to screw his 'girlfriend' anyway after finding out she is in fact a shemale because he realizes that his whole fucking life is over anyway and he might as well get what he can. Usually followed by self castration while listening to some really shitty emo music.
Hey, what happened to Wally?
Hey man, leave him alone...he's just a dead penis now.
Poor bastard! By the blood coming from his groinal area, seems like he did some dead penising.