A combination of the word schlong and the once popular toy slinky. It is a name given to a small penis often because of its shriveled up appearance. The term is the opposite of a schlong.
Milkman was about to bang that chick at the party but she refused once he unveiled his schlinky.
A word meaning the best of a group of players in an XBox live game. For example, if a group of people were playing Call of Duty, on the XBox, the highest ranked person in the game would be Schlinky.