Any opening you may insert a penis, cock, or dick.
Also, by calling someone a dickhole, you are inferring that they themselves are not only chock full of orifices that are readily insertable into, they also are frequently used.
Almost like a magnet or black hole, they seem to draw dicks towards and inside them.
"Aw, yeah, this dickhole is so tight! It feels good on my dick!"
"Paris Hilton is a giant dickhole, cramming as much cock as she can into her dickholes."
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