Noun. Ejaculate. Most commonly used in the forums of internet community Project Rockstar. While it is generally found in its noun form, it can also be used as an exclamation, in asterisks to denote an action, upon reading something which might cause the production of spaff to occur.
Also: Ladyspaff. The female equivalent of spaff.
"My bra's far too tight. I might have to take it off."