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Adjective - derived from the very to zipskin, referring to the catching of a male member in a trouser (UK) or pants (USA) zip.
Some users use the word only when the member is caught in the zip, as opposed to merely damaged by it.
Ronnie was having a gwank, when he heard his mother come back into the house. He pushed his little man away and pulled up his zip so fast that he zipskinned himself. He was unable to explain to his mother quite what pained him.