After sperm is produced, it is held in the seminal vesicles until it is used (ejaculation). When a man ejaculates thousands of sperm from the seminal vesicles combine with a thick nutrient laden fluid from the prostate gland to create semen.
The testicles typically produce 50,000 new sperm every minute of every day beginning at puberty until the man is seventy years old or older. Following ejaculation, the sperm reserves are quickly replenished to stabilized levels. Frequent ejaculations can deplete reserves, however forty-eight hour abstinence periods are typically sufficient to restore sperm reserves.
Sperm is typically held for a maximum of about 12-36 hours before it replaced. Basically to answer your question, no; in addition to the fact that sperm and/or semen is not held in the penis.