A sexually promiscuous girl who sleeps with minorities and tends to be of low moral character. Term is highly offensive, much like the word "cunt".
Dude #1: "Sally is such a slanket."
Dude #2: "Dude, please don't use that word. Call her a slut, but please don't call her a slanket. It offends me."
Dude #1: "Sorry, bro."
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