2) A slutty situation
3) An event (often sorority related) in which many girls are wearing little clothing and looking to get some
Bob: What? We just got here!
Tim: Yeah but we hafta save Ron from this slutuation. She's ugly.
2) She got trashed and hooked up with all those dudes she met on the street - what a slutuation.
3) Hey man, you gotta get over here now! It's a perfect slutuation!