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1.
easily made to laugh or wriggle when tickled
Mandy found out that Billy's feet were ticklish as hell!
by Marty October 16, 2003
 
2.
Highly sensitive to being tickled.
Max found that Stacey was so ticklish under her arms, he could get her to do anything to him if he tickled her there.
by Max Speer March 16, 2004
 
3.
Indicator: Agent requiring a tickle
(someone in need of a tickle/tickling)
ticklish: user
by chux@hive January 10, 2013
 
4.
Having tendency towards homosexuality.

Origins unknown but on the first season DVD set of the TV show Wildboyz, the phrase is used in this context repeatedly.
We saw two guys running around in Speedos and realized that it was a little bit ticklish.
by Pael March 14, 2005