The act of letting a person bite the tip of your penis until blood is drawn and allowing said person to urinate on the open wound.
Example 1: Dude, that chick gave me the sickest Wet Viper the other day. It felt amazing but I have this weird rash now.
Example 2: Dude, that bro was all about that Wet Viper life and so was I. I can't wait until I get out of the hospital and have the chance to do it again.