A conbining of the term dick and the term nuts. My friend said it once and it is one of the stupidest damn things I've ever heard. Fuck of I know what it means, though.
DickNuts, used as in insult too belittle and insult a fellow friend or person you don’t like, DickNuts insinuates that said person infact doesn’t have a penis or a testicle sack, but in fact has dicknuts, a long shaft with balls attached to the helmet.
When you sit down really quick to take a shit and the seat is up and you don't notice so you plop ass-first into the cold water and you get your dick and nuts all wet. (Not in a good way)
Dave: Bro, you left the fucking seat up.
Jeff: So?
Dave: So I went fucking dunkin dicknuts in that shit, you fucking dickshitter.