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1.
australian: a woman that has had too much botox or collagen injected into her lips thus giving them the appearance of two slugs mating.
1."looks like old slug lips has overdone the botox again"

2."went to the casino the other night - faaarkin hairy old slug lips everywhere"
by gibbalatte October 31, 2012
 
2.
Slug Lips: adjective

a word used to describe the swollen inner lips of a vag after being rammed all night long.
Braden's penis is enormous, we had sex all night. I have slug lips this morning.
by k.s.b February 09, 2008