1. The most awesome thing/happening/person ever.
2. Incredible, awesome
3. Antonym: real penis
Friend 1: DUDE! That guy just hit and run your car!

Friend 2: WHAT?! REAL PENIS!

Friend 1: (checks) Oh no its fine, no scratches or anything.

Friend 2: Hell yah! That's fake penis right there!
by aznstar808 August 26, 2008
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A fake penis is a male body part that is not real or is imaginary. Can also be considered a dildo.
Dude, he’s literally dreaming for a fake penis.
by ur vvvv cool mommy February 21, 2019
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