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After blowing up a balloon, it is the act of releasing the balloon from your grip and letting it fly around the room deflating itself...hence making the "Ploogled" sound.
Jayme: "Here, hold the balloon tight"
Cort: "Oh no, I let go"
Jayme: "Shit, you ploogled it!"

Jayme: Ha, its ploogled.
by JayCort December 23, 2006

Words related to ploogled

balloon deflate flying release