The Collaborative International Dictionary of English v.0.48:

Phallus \Phal"lus\ (f[a^]l"l[u^]s), n.; pl. Phalli. [L., a
   phallus (in sense 1), Gr. fallo`s.]
   1. The emblem of the generative power in nature, carried in
      procession in the Bacchic orgies, or worshiped in various
      ways.
      [1913 Webster]

   2. (Anat.) The penis or clitoris, or the embryonic or
      primitive organ from which either may be derived.
      [1913 Webster]

   3. (Bot.) A genus of fungi which have a fetid and disgusting
      odor; the stinkhorn.
      [1913 Webster]

WordNet (r) 3.0 (2006):

Phallus
    n 1: genus of fungi having the cap or pileus hanging free around
         the stem [syn: Phallus, genus Phallus]
    2: the male organ of copulation (`member' is a euphemism) [syn:
       penis, phallus, member]

Moby Thesaurus II by Grady Ward, 1.0:

45 Moby Thesaurus words for "phallus":
   bag, ballocks, balls, basket, beard, breasts, cervix, clitoris,
   cod, cods, cullions, family jewels, female organs, genitalia,
   genitals, gonads, labia, labia majora, labia minora, lingam, lips,
   male organs, meat, nuts, nymphae, ovary, penis, private parts,
   privates, privy parts, pubic hair, pudenda, reproductive organs,
   rocks, scrotum, secondary sex characteristic, sex organs, spermary,
   testes, testicles, uterus, vagina, vulva, womb, yoni