Use it as a cookie cutter?
Pancakes.
There was a “Jackass” skit where one of the guys got his rear end branded with a similarly shaped cookie cutter - and then had to seek medical attention for the resulting third-degree burn, which was multiple penis-shaped marks all over his butt, because of the way he was bouncing around.
(Has anyone here seen “Porky’s”? There was a proposal to do something like this after an, ahem, incident. ETA: Ident-a-dick, NOT branding someone’s rear end!)
One wonders what species of egg they’re talking about. 
ETA II: Terrific gag bridal shower gift! (Or groom’s shower, if it’s a SSM.)
Knowing most men, they would probably claim that for them, it would have to be an ostrich egg. Or a T-Rex. 
Not since it was in the theater when I was about 13. My friends and I couldn’t wait to see it. IIRC, it’s the first time I heard the word “tallywhacker.” We giggled like schoolboys. Oh yeah, we were.
Still pretty funny after all these years. I guess I’ll always have a little 13 y.o. boy in me. Man, that came out wrong!
I wonder if the old dude in the yellow shirt was supposed to start laughing. It looks like he was trying to keep a serious face and just couldn’t do it any longer.