Old thread, but here's the take of somebody who was using the word long before there was an Urban Dictionary full of people making *beep* up so they didn't have to ask their friends what the word actually meant.
Choad (that is the only correct spelling, "chode" is the spelling by kids who don't know better - the same people that use "cum" instead of "come") is the perineum - the small flap of skin between the nutsack and the butthole; also known as the "taint".
Of course it needs a medical term, as EVERYTHING has one, but the fact that there was not one but two slang terms to describe it made my friends and I laugh a LOT.
It does not mean splooge, nor a short/wide schlong... it means the "taint".
It turns out it also is a very dirty word in Hindi.
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