1. an expression implying that knowing to much about an activity, situation or person tends to discourage one from involving himself with it, often related to sexual encounters
see also zipless fuck
2. a truism
3. a parody of loose lips sink ships
After Elliott told Devin that Kittyboot's friend from Philly had roast beef curtains, Devin replied, "Buddy, thanks for warning me... loose lips shrink dicks."
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The shrinking of the penis from its normal flaccid size, most commonly due to cold weather or stimulant drug use.
"my boyfriend did so much speed last night that he had a serious case of shrink dick, it was like half the size it usually is"
"its so cold out here that i know for sure i'll have a serious case of shrink dick"