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1.
clapping monkey has 2 definitions

1) a small toy, usually with cymbols, which when winded up will clap the cymbols together

2) a metaphor for a woman's vagina which is extremely loose, and would clap like a toy clapping monkey
1) hey look at that new toy i got, it's a clapping monkey!

2) hey i bet her lips go at it like a clapping monkey in the wind! (makes clapping motion between legs)
by Poodle April 13, 2005
 
2.
This is the comprehensize dictionary of the clapping monkey phrase:
1)A small toy for children
2)A metaphor for a women who has had lots of sex and is such very loose and is in need of corrective surgery. Sum1 u wudnt want 2 have sex with!!! There is even hand motions to go with it.
She was as loose as a clapping monkey
by bionicman April 13, 2005