A Jellyfish is what you make when you wack off into a glass of water. The result is a partially floating, dangling, jizz strand that looks like a jellyfish.
"So did you hook up with whats-her-name last night?"
A free-swimming, gelatinous, often bell-shaped creature with a basic nervous system and the ability to sting prey. (Sometimes confused with or sometimes seen as moon jelly.)
A weakling or someone who lacks strong character.
Apparently, several interesting euphemisms, all of which can be found right here.
"You're such a jellyfish," said my sister after I dropped my books for the third time and protested that they were heavy.