1) A ball of male ejaculate filled with feces that has been sucked out of the anal sphincter by mouth while nothing seems to be going as planned.

2) A horribly vile name to call someone who has so far surpassed douchebag status that no other words can possibly express their level of filthy assholery.

A jack off buddy (from 'cum' /'come', meaning 'semen', and 'companion'); a friend that you get together with for sessions of solo or mutual masturbation
Variant of: cumpanion (from 'companion' & 'cum'); jack off buddy & wank bud & JO buddy
Similar to: fuck buddy