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1.
The sticky, sometimes clear, white, or yellowy-green substance that is found around the vag or on underwear. It can be due to STIs, pre-period hormones, or just plain old unsanitary habits. It can smell or be odorless, depending on the cause of course.
"My you have some lovely, thick vagunk today."

"that vagunk could glue your lips together."

"This tree trunk sure is awfully vagunky."
by Michelle Deaner August 11, 2008
 
2.
Kinda like smegma on a ball sack but the junk in crevasses of the vagina
What's that smell? That's just Heather's vagunk!
by Miss Nikki V August 13, 2008