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2. V-Time
stands for "vomit time"
At bar:

John: Where were you bro?
Jim: I just had some quality v-time. I'm back now. Shots on me!
1. v-time
stands for "vag time"(sex)
Mike: Hey i gotta go bro.
Jamie: Why man?
Mike: It's v-time man.
Billy: Daaammnnn I gotta get me some of that.
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