A character from the popular video game series Star Fox, Falco Lombardi is the hotheadded rebel of the squadron; the top pilot of the team, a former space pirate, and the best friend of Fox McCloud, the team's leader. He is a tall, blue-feathered Avian (a bird species), with characteristic red patches around his eyes.
Though he might be a little rough around the edges, Falco is a hero at heart.
While the exact meaning is simply a non-functioning flaccid penis, the term has vast connotations and application.
Calling a man a limberdick says he is unable to perform even the most basic and primal primal functions.
Limberdick maybe combined endlessly with other vulgarities to achieve remarkable curses, such as the now famous "limberdick cocksuckers". An epithet that calls to mind a man unable to get anything right; who then sucks cock as a means of getting things done for himself, in other words a politician.
All in all Limberdick is a delightful word. A flexible curse certain to find its way into use in all forms of public speech.
See also the less effective but more commonly used limp dick.
Say Taddon't be such a limberdick. Before you give up try to do it first.
I voted for that limberdick cocksucker and now against all odds he is screwing me.