According to Werewolf: The Apocalypse game rules, Silver just does aggravated damage, which negates their healing factor and requires either a natural healing process or intervention from a spirit/magical source. The aggravated damage is essentially what makes it particularly deadly since an aggravated wound to a vital organ can actually kill rather just delay the recovery of the werewolf.
Likely, the dildo would just burn really bad.
I could see Black Furies being really into this at some of their more boisterous moots.
lol
I guess it's the same discussion as the old "If you eat garlic and french a vampire, will it kill him?".
Though I like the potraiting of vampires and lycans way better in Vampire: The Masquerade than in anything.
That would be the best way to kill off werewolfs in the world. Put silver strings in condoms. It would be devious but fun enough for me to actually do it if I was president.
Oh and btw vote for me when I run for president kkthx