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1.
Yellow discharge secreting from ones penis more commonly known as the STD gonorrhea.

Also can used used to describe a person deserving of the title. A person described as a "drip dick" is someone whose importance in life is so small that they are a nuisance to society and life. A "drip dick" is someone that has so little to offer the world that they can only be described as the "yellow dischard from the worlds dick".
(1) We're calling you "drip dick" from now on because you are like an annoying infection that wont go away and when you do you just spread your disease to everyone that comes in contact with you.
by iapetus88 July 16, 2009