It is used in place of "sandwich," for the intellectually lazy, during speech.
Person 1: I am eating a PB&J sanwich

Person 2: You mean "sandwich"

Person 1: No I don't enunciate my words

Person 2: Ok, that makes sense and also explains why you are eating a "PB & J" in the first place.
by I pronounce my words properly October 13, 2010
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