When a man breaks his erect dick, spilling blood out giving it a red glow. Like a glow stick.
Phillip: I just broke in my new glow stick dick.
Grant: wtf Phillip.
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When a male or trans ftm covers their penis with glow-in-the-dark paint or neon paint.
Glow-in-the-dick would be a funny thing in semi-nude neon raves. Or just for friends.