The act of ignorantly putting on a condom so that it covers both the shaft and the testicles.
Person 1: I'm so big, even Magnum XLs feel tight. They're roomy around the shaft, but they just don't fit around my balls.
Person 2: What the fuck is wrong with you?
Person 1: What?
Person 2: You're giving yourself a fucking condomnut-hug, you jackass.
n. Extremely tight pants (usually but not necessarily jeans) that, as the name implies, conform (i.e. hug) the testicles. Origins unknown, this fashion trend started to become popular in the beginning of the 21st century. The popularity of "nut-huggers" has grown since.