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1.
The female equivalent of "Blue Balls".

Occurs when a woman fails to receive sexual gratification on a consistent basis
Jill has cotton cunt and is on the prowl for a man tonight.
by the fjord August 09, 2011
 
2.
A dry snatch
Some chick that gets so stoned that her cotton-mouth extends to her cunt. This is observed during an attempt at sex that wasn't meant to be.
by Teh Benjuturtle April 19, 2003