A male's two most precious belongings, and the boast of his manhood. Usually when the phrase "deez nuts" is used it is to flaunt one's genital superiority to either gain a great laugh or just piss them off.
Me: Do you have any CD's of Enya?
Victim: No.
Me: Well how'd you like to C DEEZ NUTS Enya mouth?!
or
Me: Do you like parodies?
Victim: uh...yeah sometimes Me: well how'd you like a pair o' Deez NUTS ENYA Mouth?!
A joke, often in pun form, wherein a question will contain the sound "Deez" (these). The desired result is to get the victim to answer the question, allowing you to follow up with "Deez nuts!" Sometimes "in yo face!" is added at the end. The joke isn't funny in its' self, but it is when you can trick the same person multiple times.
"Have you ever seen deez?"
"These what?"
"Deez nuts!"
"Did you get the CDs?"
"What CDs?"
"See deez nuts in yo face!"