Urban Dictionary definition of shrinkage
1. What happens to a man's penis in cold water. Often a result of cold showers, swimming pools, or the ocean. Very embarrassing.
e.g. Man, that pool could make a porn star look like a 9 year old.
usage: Damn my girlfriend dumped me when she saw me get out of the shower -- apparently she doesn't understand that shrinkage really CAN make a penis 1 inch long.
2. What happens to your pecker in cold water. From a Seinfeld episode.
e.g. "Lorena, I don't really have a needle dick. I just got out of the pool!"
"Here, let me cut it off with these nail scissors,"
3. When the male sex organ gets smaller due to cold temperature
usage: Give him a break, it's just shrinkage!
4. When a penis shrinks due to being exposed to cold weather. The pensis can become very small in comparison to normal, room temperature size. Highly unpleasent sight for an male.
usage: I got in from the cold, went to the toilet, and when I unzipped I saw the shrinkage on my penis.
5. A phrase in inventory control that accounts for employee and customer theft.
usage: The reason stuff costs so much in convenience stores is shrinkage.
6. When the male penis get really small and shrinks in size because that dumbass is walkin in the freezing temperature, freezing his ass off. He should at least wear some layers if thats gonna happen everytime hes fuckin cold. No bitch wants to go near a fuckin penis thats had shrinkage!!!
e.g. Patrick should wear some damn pants if his penis is gonna get that small uz ain't nobody sleepin with that thing tonight!!