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Exuberant approval or declaration
Generic Dude 1: I finally got the wife to break down and invite Betty over for the threesome.

Generic Dude 2: Bung-bung!
by mcutt February 15, 2005
noun. asshole, anus, butthole.
yo may, i totally wanna do her in the bung bung
by JGUNS January 03, 2008