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A nearly orgasmic enjoyment of all tentacle-, snail- or sluglike accessoires like earings, pendants or piercings, also used for fitting cartoon characters. The core meaning is not sexual. It is used to describe the chill of excitement those things have to offer.

Sometimes also used to describe the famous video game "day of the tentacle".
"Did she like the new earings?"
"She's got a slugarasm!"
by Ruben Schwarz June 02, 2009