Ding the dong means just jacking off. The term is from the word ,,ding dong" meaning penis. When you are dinging the dong, you are just masturbating.
Dood1: My bitch dang my dong yesterday
Dood2: great to hear that homie, I actually haven't dinged my dong in about a week, but when I will do the schlonging elonging, I will definitely watch some twitch thots for sure.
Dood1: Then I wish you that when you will ding the dong, you will nut so good, you'll be fucking dead.