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1.
Another term for quitting your job.
Typically used in the mining and exploration industries in Australia
Joe: Wheres Dave? Did he snatch it?
Bill: Yeah last week.

OR

Joe: Hey hows your job going?
Dave: I snatched it last week.
by marcobrinkley October 07, 2010
 
2.
A womens vagina,
Get your snatchit out ;)
by Rudeeeee Boy! January 02, 2010