Dick snot is indeed semen but is more accuratley used when referring to jism dribbling from the eye of the penis (as opposed to shooting) as regular snot does from the nose when you have a cold.
After releasing a generous wad of ball-sack bolognaise into the eye of my girlfriend, she gleefully slurped the remaining dick snot from the head of my penis.
After suffering with blue balls for at least 3 hours, Jennie came over and pulled the lanyard on my meat cannon thus spraying my dick snot all over her succulent breasts.
BACKGROUND
origin unkown.
used in Sam Kinison act circa 1989.
rare usage.
NOUN
1 another term for male ejaculant.
2 a term reffering to semen. likely coined due to semen's suspended solid apperance. also, likely put into use due to semen's chunky precipitate appearance when ejaculated and due to both human excretions being forced out of holes of the body.