No, it's unlikely that penis weights have any lasting effects on the length of the penis - especially not within a short space of time.
You'd need to have the weights on for years perhaps, to see any minor stretching of the penis that lasts, and even then - that is only due to damage you are doing to the tissue and muscle of the penis - so not great news!
The penis is a pretty delicate organ too, so you risk tearing muscle, damaging nerves and arteries, and become infertile or unable to get an erection.
Stretching your penis so that you're unable to have sex seems like a bad idea to me. What do you think?