The term dry can be used to describe something or someone as being boring, crap or just generally lame. The term bod is a person, so the combination of dry and bod make someone who is just plain gay. This term originated in the ghetto of Kingstanding (uk)
Tom:Safe blud can I copy your homework as I couldnt be arsed to do it?
Timmy: No, You wont learn if you copy mine
Tom: Dry bod