(a) Slang word for an erect penis, used as a noun. The British equivalent of 'boner'.

(b) In wakeboarding, a technique of intermediate difficulty where the rider extends his/her legs after the board passes over the crest of a wake, bringing the board forward.

(c) In South Africa, a stiffy is a slang word for a 3½ inch floppy disk.

Non-South Africans can get some wry amusement in reading South African technical manuals or discussion fora, viz:

When I insert a stiffy it tells me to format stffy. It cant format stiffy. I changed stiffies & a: drives.. ..stil same problem. Help please!!!
http://miataru.computing.net/hardware/wwwboard/forum/1994.html
or

To make a Logos Backup, insert a stiffy, open Logos and go to Tools, Backup System Files.
http://www.logos-sa.com/news.php?id=81