Yes, in all of my years of researching psychology and interacting with clients as well as my peers, we have basically nailed down what most dreams represent. First of all, dreams most likely represent things in your subconcious, basically things you are not aware of. You would be amazed at how well aware your body is while you aren't. For example, if you have a dream of your car brakes going out, make sure you check the car brakes the next morning. Dreams are sometimes used to remind you of things you would usually not realize.
Then there are the interpretations of dreams. For example, 99.9% of all dreams having to do with water are related to sex, and/or sexual issues. In fact, it is common for some people to dream about different sexual aspects, in your case, a detachable phallus. This dream you describe of having a detachable penis can only mean one thing:
You have serious mental issues and you might be a threat to yourself and others (especially your penis).
