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1.
One of the many names for your penis, cock, man sword, third leg, etc.
She sucked his love slug all.
He played with his love slug.
She was milking his love slug.
by Cock Meistro 87 November 26, 2010
 
2.
A "loveslug" is another term for "vagina."

It originates from the fact that some vaginas look a bit like sea slugs, but they are full of love and wonderment.
Mary: "OI JESSICA WHAT IS THAT STICKING OUT OF YOUR PANTS?"
Jessica: "Get off you lesberina, it's just my loveslug."

Bob: "I'm going to slide my lovebaton inside your loveslug."
Elizabeth: "lol k"
by Norkus September 05, 2012
 
3.
a ladys muff(very aroused)
have you seen her love slug i've not seen anything that wet since the titanic sank
by mykee February 26, 2004