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A penis that is cold, but still hard. It causes the middle to become shriveled and small, but the blood flow stays in the head, causing a normal erection, which makes the penis the shape of an hourglass.
Jill: Holy crap! What's wrong with your dick?

John: Nothing. Just have a case of hourglass penis.

Jill: I've never seen anything like it!

John: What do you mean. It's cold, so I have a half-boner. I mean come on! Your blowing me on a ski lift!
by rogerthewhale November 07, 2010
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