dickwag

when you shake your dick to remove any waterlogged urine remaining on the tip of your penis after taking a piss/shit.

Ryland - "You almost done taking a piss yet?"
Andres - "Hold on, gotta give it a quick dickwag so I don't get any piss down my leg."

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Dickwag

To be used as a substitute for Wank, or Wanker. More american than the term wank.

Also a person who "wags" their "dick" too often/openly

"You dickwag you stole my sandwitch"