The definitions that are already there seem pretty much right except that I've never heard anyone actually say "nose goes", what I've always seen and done is that you touch your nose and say "Not it".
Synonyms for Nose goes
On this page, you will find 30 slang terms related to Nose goes. Some of the top words include: beak, scrotum plow, sniffer, rhinotillexomania, nubips, and 25 more.