Like a 'port' on a computer that no longer works, even though there's a cable in it, used to describe a woman who lies there doing nothing during sex. Coined at WPI.
John: Hey, I heard you fucked that hot chick you met yesterday. Damn, she must have been good!
Robert: Eh, she was a dead port, I would have been better off with by myself with some lotion.
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A dead port is a network port which there is nothing (in a OSI Layer 5-7 sense) listening on the other side.
Jack: Oh! i think I've installed the Webserver on port 80.
John: No, seems like a dead port..