A period of prolonged shortage of pussy for a general population.
The pussy drought of the 1950s resulted in a period of sexual frustration.
A period of time when a male, specifically a faggot, cannot receive any pussy from a woman or fat chick. This does not apply to people who have never received pussy, since there cannot be a drought if something was never there to begin with.
(See Floppy definition #7)
Guy 1- "Hey is Ben still in that pussy drought?"
Guy 2- "No, he couldn't be because he never got any pussy to begin with."