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To clip someone's rod means to subject someone to something incredibly painful or strenuous, akin to the experience of circumcision. Often used ironically to express a teasing tone in prior statements, á la "getting one's goat" or "yanking one's chain".
To clip one's rod is to make them suffer, jokingly or not.
A thousand dollars held together with a rubber band.
Sweet guitar. What did it cost?
Shit son, I talked him down to a one clip.