Italian party gag hat. Everyone knows a paisan who would fit this hat.
Stugots is Italian mob slang lingo - Italian term that refers to the male genetalia. It is used to describe an idiot or a jerk. Stugots is also the name of Tony Sopranos boat on the HBO series The Sopranos.
Example the term being used... Vito was forty minutes late to our meeting... stugots.
another example... You got some stugots talkin' to me like that!