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1.
The female breast, typically breasts of a greater quantity then a handful. In order for a female to have "lovlies" she must have at least an inch and a half of cleavage line between her breasts.
"Did you see Tasha's lovlies? The summer sure was kind to her!"
by Victor Vaughn January 24, 2008
 
2.
Someone who isn't quite lovely.
She's lovly but not lovely.
by Lovlly November 07, 2010