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2.
When one is so cold, that it feels as if their balls are freezing into an ice like state.
Cor blimey Chris, this weather is freezin balls material.

I'm absolutely freezin balls now that I can't pay my central heating bills.
by Seharvey December 10, 2011
 
1.
So cold that your balls freeze off.
It's -20 and I'm freezin' balls.
by Sazmataz December 22, 2005