In this respect its context is similar in application to Joe Six-Pack, Joe Blow or John Doe but, respectively cruder to exaggerate the negative perception of the "average" male.
Person 2: "Nothing! Seriously, this place has such a high turn over rate that any swinging dick gets hired."
"Well Di, he is one of the swinging dicks. Hurry duck so he doesn't see us."
Friend 2: Yeah, he is such a swinging dick in Bourne ultimatum.
Dude #2: I know, why don't we call your sister...Just kidding!