Refers to either a laughter-filled sporting-match between an aging humorist and a pro-football player (both wif da same first name, by da way), or an equally-uproarious round of friendly verbal sparring between saidtwo Daniels.
Depending on whether a "Drinkwater vs. Pinkwater" competition involved muscles or brains, either of them might have a comparable chance of being da winner.
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.