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A combination of the words 'Vulgar' and 'Vulgarity'. The phrase was created by a dyslexic Spanish 'actor' trying to remember the lines of his character when performing in a play. However, when forgetting how to say the word 'vulgar', he invented an entirely new one. A true master at work.

The word's meaning is 'that thing were something is nasty and tastes a bit like 2 week old herring.'
It is truly vulga...larity....... Vulgalarity.
by Dertion July 02, 2011