Used mainly in construction, carpentry and painting to mean "finish the currentjob before moving on".
worker: you want me to start painting those door jams, boss?
foreman: we're still behind schedule on the garage, let's go ahead and knock it down first.
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.