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2.
1) Condition/Appearance of a poorly treated vagina 2) A diseased vagina 3) A vagina that has been "busted" into by innumerable dudes/toys to the point where it will not return to its original shape 4) appearance of a vagina after one or more births 5) A well used vagina, for example after a gangbang 6) Derogatory comment about a promiscuous woman 7) Any woman that has been deflowered 8) A prostitute
"Too bad Susan has the Clap. She sure is fine but I don't want none of that busted biscuit."; "I can't believe Helen had triplets! It must look like a plane crashed into that busted biscuit!"
by toobrowntobedown July 23, 2013
 
1.
A big chick who wears her clothes so tight that she has rolls popping out all over... like when you open a can of biscuits and it busts open.
person 1: "Dude, check out the busted biscuit."

person 2: "Yeah, she's definately gained some weight."
by Keyo February 26, 2005