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1.
When a man has an unusually small unit, sometimes referred to as an inny in cold weather situations. Less than 2" long dick
Joe's dick was so tiny, we said he was Hung Like A Seahorse.
de o.t. guy 9 décembre 2010
 
2.
A phrase used as an insult from one to another.

The receiving end of the insult must be male otherwise it wouldn't make any sense and that person would automatically win the insult battle.

The exact opposite of being "hung like a horse".
Guy#1: "Dude, Shut-up I'm hung like a horse!"

Person#1: "Yeah... hung like a seahorse!!!"

Person#1: "HAHAHAHA I win one to nothin!!!"
de Freed-olay 10 janvier 2008