A rather excellent song by the eclectic outfit, Baptist & The Obscures. The name is rather a rip off of the superb funk tune, 'Squib Cakes' by Tower of Power.
A - Good grief, did you hear Jizz Cakes the other night??
B - Yeah man i did, blew my testis, mind and soul.
1) A spineless person, perhaps known for sucking dick. See also, bitchcake.
2) Someone who takes it in the butt or mouth, and hence becomes a cake of jizz.
3) Paris Hilton.
Note: May be followed by the phrases McGee, McCoy, or Philips to make it a nickname for the person in question.