It is a popular internet slut term for blow job really, but you can't get reported on any sites for it...yet. Basically, it is a popular term for porn and sex - just be careful using it, people do get confused with it....
Slut: Hey hottie, can I lick your lolly..?
Guy: Of course, babe, anything for you...You can lick my lolly...
Slut: Wanna see my breasts pumped up? In other words... wanna give my boobs a squeeze?
Does he Lick Shot? = Does he deal?
I got the money lickin shot = I obtained the money by dealing
He licks shot bare = he deals large amounts/ he deals frequently