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1.
An uncircumcised cock. So named because the penis can be retracted back into the foreskin much like lipstick being retracted into the tube. Can also refer to a dick that has lipstick stain on it.
I read once that Elvis was ashamed of his lipstick dick.
by wolfbait51 April 19, 2011
 
2.
A lipstick-Dick is a she male, or a cuckold or wimpy husband whose dick is either to small, or just for show, (to use to pee with).
Hey, did you see Bills little lipstick-dick? he he, No wonder his wife cuckolds him.
by oralb69 July 25, 2008