Much like a "limp cock and no lube" would equate to no action in bed, this phrase describes a state of utter uselessness. Or, a situation in which nothing of value is currently transpiring.
"There's no beer and no chicks. This party's a limp cock and no lube."
So this guy went into his moms closet to find dress socks. In the pile of socks he finds strawberry flavored lube. He is now scarred for life and his friends call him strawberry.
Person 1: "hey I found strawberry flavored lube in my moms closet the other day"
Friend1: "hahaha strawberry!" *points and laughs*
Friend2: "why was it strawberry flavored"