A term coined by Kory Khener in a desperate attemp to appear as a h4x0r. His 1337 skills made other people so jelous that they accused him of hacking when he really was doing no such thing. Using this name will result in getting banned from many a server.
Also the name of the greatest band in the world from the small town of Massapequa.
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.