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Its when you flavor your condom with ketchup, then equipping it, then sticking it in the freezer and falling asleep with your dick in the freezer and condom still on.
David: Oh man, did you see the game the other night?
John: No, sorry dude, i was busy doing my own thing and i ended up pulling a frozen hotdog.
David: Aw shit man, your girl must've enjoyed it!
The cheapest, shittiest of hotdogs. Truly scraping the bottom of the barrel.
This frozen hotdog tastes like shit, smells like shit, looks like shit, and probably is a shit.