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1.
1. Being a virgin in college. Like a unicorn they are scarce and hard to find. Either due to extremely high standards of suitable mates or forever alone.

2. An indirect way of calling someone a virgin.
(Randy) Why was Jerry acting so weird at that party? The girls were all over him.
(Lennie) Didn't you know? He's a Precious Unicorn.
(Randy) That explains everything!
by SilverBear92 January 16, 2013