1. When your dick or balls have polio is defined as Dickolio. They become completely worthless.
2. A term coined by Demetri Martin and John Benjamin.
3. A limp dick.
Man Whore, "Last night I saw this chicks slut bagel and I was immediately stricken with Dickolio."
Mark Hoppus, "I saw your boobs, and my wiener ran away."