A slang and derogatory term to describe a vagina based on it's similarity in appearance to the injury received if someone was to be hit by an axe.
This can also be used to specify that a female was undergoing menstruation at the time with the similarity being that an axewound would also bleed.
Male 1 "There better be some beaver at this bar tonight, I need some gash!"
Male 2 "For sure, the chick I have meeting me later is bound to let me plow her axewound"
Male 1 "How did your night end up sat? The girl you bailed with was smoking"
Male 2 "Yeah def not a coyote, problem was got her home and she wrecked my sheets! She didn't bother to tell me she was recovering from an axewound"