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The act of vigorously whipping your dick back and forth (left and right) so that it makes contact with your legs. The resulting impact produces a smacking sound, and if done rapidly, it can sound like clapping.
Instead of clapping with his hands at the end of the show, George stood up, dropped his pants, and started penis clapping like a boss.
1. The act of sticking your penis into an electrical outlet.
2. Playing the electric guitar with your penis instead of your hands.
1. Dude! I totally had an electric penis when I toasted it in the wall outlet!
2. Holy crap, I just went and performed an electric penis on that guitar! Did you hear that perfect solo!?