A) A man who sells his penis for sex. This differs from a bigolo(a male prostitute) in that it refers only to a certain body part: the penis.
B) A penis that has had many sexual encounters.
You can also say: pimpsticking, pimpsticked
A) Dude! Jason has so much bling since he became a pimpstick.
B)With all the sex Jason's had, his weiner is just a regular pimpstick.
Other ways to use: Jason's penis is totally pimpsticking!/Yes my brother, that chick has officially been pimpsticked.