When a man is caught starring at a girlsBoobs or ass. Almost reaching a point of wetting himself. Also considered "red Handed" just sexual.
Rick- Hey Joe What the hell are you doing?
Joe- what?...huh?...oh i was fazing out
Rick- You're looking at that blonds ass huh?
Joe- uh...no
Rick- Ahhh your caught wet handed
To be seen by another while(somewhat)naked and wet, as in
when you have to answer the door in a towel or less when
just coming out of the shower, or fresh from the throws
of particularly sultry passion.
"Dude, give me a minute to throw my gear on; you kind of
caught me wet-handed"