An exhibitionist-style practical joke in which one stretches his penis over and around his wrist. He then approaches a person (usually at a party) and asks the person if they might be able to tell him what time it is because he cannot seem to be able to read his watch (said while attempting to stare down at his stretched out penis). The person then stares at the supposed watch in confusion, not being able to figure out quite what it is for a few seconds and then realizes that it is a stretched out penis. This usually results in a reaction that is a combination of shock, disgust, and amusement.
Did you see Dave pull out the skin watch on Jenny last night? It was hilarious!!