Some very useful information.
I stumbled on this interesting bit of info while searching wikipedia--I'd never heard of a "circle jerk."
From Wikipedia:
A circle jerk usually refers to a group of boys or men masturbating together.
The participants may or may not masturbate each other.
This sometimes involves a contest to see who can ejaculate first on a piece of bread or biscuit. The last to ejaculate may be forced to eat the semen soaked biscuit, commonly called a "limp biscuit" or, more commonly, a "soggy biscuit".
So then I wondered about the band name and found this--
From the bio of Limp Bizkit: Limp Bizkit is a band from Jacksonville, Florida. They started out around late 1994 giving free shows and concerts whenever they could get a gig. They got their name when Fred was talking to his friend (and now roadie) when said that "his brain was like a limp biscuit." So Fred liked it and the name of their band after it.
ummmmmmmmm that's either really sick humor, or a really unfortunate coincidence.