Basically a person who lickspants, but also has come to be used as following:
A person who is determined to squeeze everything they can out of a situation.
Used in the commercial "Pop Tarts - Pantlicker (2002)".
A man is in his office eating a Pop Tart Pastry Swirl and the filling spills on his pants and he takes them off. But then the cleaning lady walks in and sees him trying to lick the fruit off of his pants and she gives him that dirty look and says, "Pant licker!"
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.