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Loose Bacon Strips 

1. Floppy, saggy and/or stretched out pussy lips. Often the result of child birth, but mostly linked to being a "fuck em all" whore.

2. A vertically challenged vagina. Resembles salt water taffy in a folding machine
1. Gina is such a slampig. She must really have some loose bacon strips.

Bacon Strips

A smoked pork smallgood that has the capacity to scare muslims, destroy the world and give everyone heart disease.
Pioneered by a YouTube channel under the alias of EpicMealTime as a recurring motif.
Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips & Bacon Strips... Fuckin' Smart.

bacon strips

Brown marks that are left on the inside of one's underware as a result of improper butt wiping.
Did you see the bacon strips that guy had in his underware?

baconstrip 

The inner labias (labia minor) of a woman. Especially if they are not separated.
Hey girl, that's a nice baconstrip!
baconstrip by RonnyM July 9, 2003

Baconstrip 

A shit stain on the underwear usually caused by digging fingers into the ass to scratch out an uncontrolable salty peanut (See salty peanut). Also known as a skid mark.
As she folded the laundry she noticed a large baconstrip in her boyfriend's underwear.

or

He decided to not buy white underwear anymore, because of his baconstrip making problem.
Baconstrip by Sean Cookson September 6, 2006

bacon strips

Condition identifiable by stretched, grizzled, dangling, and sometimes elongated flaps of skin that used to be the labia minor on an overworked porn star's (or college co-ed's) vagina.

Not to be misdiagnosed as vaganus.
Did you see the latest Jenna Jamison flick?
No, my doctor said I need to cut back on my daily consumption of bacon strips.