Noun: Large, sagging breasts of an elderly person, typically female. These breasts, after decades at war with gravity, sag so badly that the space between begins to resemble a vagina.
My elderly neighbor, Velma, use to be a fox, but she has clearly lost her battle with gravity. Her chest now looks like a titapussyrex.
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.