1- noun: That glorious liquid that explodes forth from a woman's special equipment when she is gripped by the most extreme and violent of orgasms. Female ejaculatory fluid or lady-cum; the ladies' equivalent of jizz (his and hers -- jizz and jerz).
2- verb: The act of a woman ejaculating.
Honey, we should totally throw these sheets in the wash, they're saturated with jerz.
Oh man, last night was great. I was going down on Marty when all of a sudden, SURPRISE! She jerzed right in my face.