Yes, the term is commonly used in my area.
To be specific, a moose nuckle is more than just a VPL or VDL. It actually has to do with the pants/shorts being too small/tight and/or the seam at the crotch riding up so that it splits the balls appart making them bulge. It looks like two lumps tightly squeezed into fabric. Depending on the guy, a penis/dick line may or may not be present.
case in point... (I think elvis has the best example)