The Collaborative International Dictionary of English v.0.48:

putz \putz\ (p[u^]ts), n. [Yiddish.]
   1. A fool; a jerk.
      [PJC]

   2. The penis. [Vulgar]
      [PJC]

WordNet (r) 3.0 (2006):

putz
    n 1: (Yiddish) a fool; an idiot
    2: obscene terms for penis [syn: cock, prick, dick,
       shaft, pecker, peter, tool, putz]