A dick rag can either be a rag that you use to wash or clean your tiny dick. The term "dick rag" my also be used in reference to the rag that you blow you huge load of cum into. This may be after ejaculation while jacking off, or when ur pussy ass girlfriend makes you pull out and cum into one of those dick rags.
Emily- "Honey you need to pull out now! Do you have that dick rag? Jeff- "Oh shitI forgot it honey, I guess I have to cum inside you!"
An object which receives your massive, hot load of cum. The following are examples of such objects; a rag, t-shirt, paper towel, or really sluty girls face.
Merry is such a prude bitch! I can never cum in her mouth, she always makes me shoot into my dick rag.
its when you are fucking a girl and she is like "look at the moon it makes me horny" and then she tears your dick off and fries it to give as a offering to the Moon Goddess.