The badge of honor you get when a long hair off a girl's head gets wrapped around your dick and then you find it later on and have to untangle it. Commonly occurs after rough, hair-pulling sex.
"Dude, you have absolutely zero game. That chick you were creeping on last night was shy as hell with you."
"Oh yeah!? Then tell me why I woke up sore and dick-lassoed."
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.