speedosausage

Noun. The flacid, yet visible phallic shape, that can be seen when one dons a fitted swim suit.

Do not confuse this with "the bulge." "The bulge" is when the crotch region has a visible bulge, but there is no defined phallic shape.

The swimsuit doesn't have to be a speedo, but over the years speedo has been a generic term for the fitted suits.