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1.
Noun - A word used to describe a woman's vagina during menstruation in a sexual context.

Adjective - A derogatory term used to describe some one meaning a menstruating vagina.

Etymology -
The term is believed to be based on the idea of a pot full of bloody fish parts (chum) which are typically used when fishing for carniverous fish, such as blue fish or sharks.
i.e. N. Remeber that chick i was talking to at the bar? She had the chum pot going on, i had to wear a rubber and a garbage bag to complete the mission.

Adj . Bill stole my pizza, that guy is a real chum pot.
by shooooteh January 24, 2005
 
2.
the vagina. Called chumpot because of the smell emitted enticing men to bite on the hook.
That Chumpot is fine looking, but I ain't biting on that bait!
by Der Chumpothund January 24, 2010