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To break the hymen, the membranous fold of tissue that partly or completely occludes the external vaginal orifice. Busting the taco, usually taking place during sexual intercourse, signifies the defloration of a girl.

Also, to pop the cherry.
After a very romantic dinner at Taco Bell, David turned to Julie, his fiance, and said, "I want to bust your taco."
by Kevin January 05, 2004