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1.
The same original meaning as "rode hard and put up wet" in that it was originally used in refrence to a horse which was not cleaned and brushed after taking a ride.

The phrase is now used as a way to descride a slut in that she was rode hard (fucked) and put to bed wet (wanting more, wet as in horny).
"Look at that slut, Sally. She has been rode hard and put to bed wet."
by enc0d3 April 09, 2006
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