Contrary to popular belief this is not a derogatory term but an object used by prostitutes. It is used to inefficiently and unhygieneically clean their vaginas between sex with different customers. It is generally a dirty looking towel or some newspaper that you wouldnt wanna touch with a barge pole (this is a very very very long pole)
'Ah crap I got it running out and down my legs'
'Here use my slutrag'
a slut rag is someone who sleeps around and SOAKS up everyone's STDs
man, that hoe is a freakin' slutrag.
1. A term for a very dirty slut
2. Used as a term of affection, caring
1. I can't believe that bitch slept with my man, what a slutrag
2. Aww, thanks for the present you slutrag