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1.
does not pertain to the nipples themselves, but rather a woman's areolas; one is said to have "salami nipples" when the areolas are extremely large and mimic the appearance of salami slices, esp. when the nipple itself is small
emily wishes there were a plastic surgery to fix her embarrassing salami nipples
by ellie wainwright July 04, 2006
 
2.
Noun: A man's nipples which are genetically prone to being large and exhibiting salami-like properties.

Known to cause awkward social situations with chicks, unless it's really cold out and they're hard in which cause they look normal
Look at Duke's salami nipples
by Duke July 10, 2003