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1.
In reference to vagina, it is the sharp, pointy teeth that protrude out of the labial, and vaginal area, in order to ward off unwanted visitation. Also found on angry bitches.
"That dumb bitch is so angry, I bet her vagina fangs make walruses jealous"

"I was about to penetrate my spouse yesterday, and something sharp and jagged (obviously vagina fangs) pierced my member. Highly unsettling."
by Daniel Jazztrap May 02, 2006
 
2.
when you bang a virgin and she becomes insanely attached and doesnt want to let you go. she tries to keep you by getting you with vagina fangs
dude, i just wanted to bang marcy once, i didnt know she was a virgin though
sorry buddy, did she use vagina fangs on you?
by Krista Pint July 22, 2006