Def.1: Used in response to one is who over expressive and needs to be brought back to baseline. Akin to having a massive boner in public when totally inappropriate - one should tape that boner against their waist or belly (depending on length).
"Dude, grab some dick tape and calm the fuck down."

Someone people turn to when they're sad who makes them feel better.

Tape in which is used on the dick.

someone who clings or hangs around gay people or just losers

When you shove a dick down someone's throat and then tape their mouth shut with tape.