The penis. Can also be used in a non-sexual sense, such as indicating the urinal use of the penis
"Sorry guys, I got to drain the meat dildo" - Achewood
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Meat dildo: noun; a penis, dick, cock, wood, shlong.
When someone is called as a meat dildo it means that they have a nice piece of meat in their pants waiting for someone to unpackaged his meat dildo and get fucked.
her: "hey, can you be my meat dildo?"
Him: "Sure, come get it while its still fresh"