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1.
A pedophilic term insinuating that if a girl has the ability to experience menstrual cycles, she's old enough enough to have sex with, regardless of the legality of the situation. It is a play on words of the original term: "If it bleeds it leads"

Can also be used as "if it bleeds, it needs"
Two dudes checking out a girl:

Dude 1: would you hit that?
Dude 2: nah, I don't think she's old enough
Dude 1: shit, if it bleeds it breeds!
by TheKmannn June 27, 2011