adj. (but different from the definitions already on UD.com) --
sexually attractive (said of a girl or woman), as in it makes you think of her vagina (or at least ponder that she has one)
n. -- a sexually attractive girl or woman
(perhaps upon climbing into bed with your mate, who is wearing a new slinky nightie): "My that makes you look vagy."
(perhaps upon ocular adjustment to a dimly lit club): "Dude, note the vagy in the white shirt at the end of the bar."