I hadn't heard that one before, so I was forced to resort to the Urban Dictionary. They have about 15 definitions, most of which define it as a sort of reverse wedgie, i.e., a wedgie in front. Works for either gender. The other usage (and the one I initially meant) is a loser, or a severely nerdly guy. Picked that one up from the offspring of some neighbors.
Meant to include the URL - http://www.urbandictionary.com/define.php?term=melvin
Ahh, the children.
My 21 y.o. son keeps me on my toes.