Ah, I heard about this in Missy's interview (well, one of her interviews). Anyhows, the basis of the game is to take a shot everytime Lex touches his wang. Apparently he just can't help himself ... and gives his friend a tug now and then during his matches.
It's been done standing. I remember it being part of Kane's moveset briefly, back in the late 90s/early 2000s. I also remember someone (Beth Phoenix?) doing a slingshot variant of the move as well, once or twice.