The location where bounty hunter Boba Fett was thrown and possibly devoured, but this is up for debate. Another fun reference for the Sarlaac Pit is for a female's colossal vagina, and/or an obvious trap.
"Watch out, that girl is a Sarlaac Pit!"
"I tried dating a spenjamin once, he was a total sarlacc pit though. :( "
A really big vagina.
Dude, that chick had a sarlaac pit!