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1.
Noun. The flacid, yet visible phallic shape, that can be seen when one dons a fitted swim suit.

Do not confuse this with "the bulge." "The bulge" is when the crotch region has a visible bulge, but there is no defined phallic shape.

The swimsuit doesn't have to be a speedo, but over the years speedo has been a generic term for the fitted suits.
That guy's speedosausage is visible!!!

I thought it was a roll of quarters
by orange peel April 10, 2008