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1.
A phrase to describe getting the short end of the stick, or being left holding the bag! From the literal: group of guys having a circle jerk "on" a cookie placed in the middle of the group. The last one to climax has to "eat the cookie".
John was the one left to eat the cookie when all his friends found chicks to hook up with at the bar.
by Craig June 19, 2006
 
2.
Where two or more guys stand in a circle and jack off onto a cookie. And then whoever skeet skeets last is forced to eat it.
Welp Dan you skeet'd last so I guess that means you have to eat the cookie.
by Sars4U June 23, 2009