adj./n. Smexy (sexy), Lovely, and Gorgeous! Used as endearment between friends
n. trash, whore, p.o.s. (when used to describe a loose female, sometimes male)
Iris is (my) slag! She's smexy, lovely, and Gorgeous! OR Iris is slag!
You see that skank over there? She's such a slag. f-ing whore-bag