A miser, a cheapo, someone who doesn't like to spend any money, stingy, frugal, tight-wad. Physically expressed by folding one arm up and hitting the palm of the other hand with the bent elbow.

dick, penis (In Puerto Rico, usually seen in reggaeton lyrics)

A large, heavy shit. Must be hard, ungiving, and must make a large splash when it hits the water. A direct translation is "flower-pot", so you see the connotation.