The use of the word peanuts (or peanut) in a sentence to replace a verb, noun, or an adjective in a nonsensical way. Most often done to annoy someone who is overly particular about the English language. I.e. A Grammar Nazi
Peanutery is a form of tomfoolery involving the word peanut.
A 'nuttier' way to use the word peanuts.
"He uses the word peanuts wrong all the time.... he is a true master of Peanutery."
"Usain Bolt is so peanuts that he has won 9 Olympic gold medals!"
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.