Basically a "cumbasket" is a vagina. But it could also be an asshole or a mouth, depending on where the cum is deposited. Anyways, it's mainly used as another way to call someone a "pussy".
This great word has a double meaning. It can be used to describe a used condom, or it can be used to describe a woman who gives a lot of head and always remembers to swallow!
A term used to describe a situation when people are fucking around, not getting anything done, and acting generally like cumbags, douchebags, fucktards, and dickwads.
"...but enough of this cumbaggery and skullduggery; I've gotshit to do."