2) Slang term referring to small condomns.
2) At the annual chodefest of 2002, it was shrinkwrap for everyone!!!!!!
Pressing the heads of two penises together and pulling the fore-skin over the other and simultaneously masturbating both.
Man #2: Sure, can we shrink wrap?
man #1 proceed to pull his foreskin over the head of man # 2 and they mutually masturbate.