When a group of girls known for their love of cock go on vacation together (usually spring break) and just hunt for dicks to ride and suck. These girls are usually in college and are fraternity/athlete groupies and have disappointed their parents by sucking gargantuan amounts of cock.
My ex-girlfriend Anna went on a slutcation with her friends to cancun and they all gotherpes.
The slightly protruding abdominal region of a female who is roughly 20 - 40 pounds heavier then what is deemed appropriate/proportional. Slut guts are known to be accompanied by overly tight jeans, mid drift blouses and "fish hook"style belly button piercings. Females with slut guts tend to be mildly attractive, and are often seen frequenting drinking establishments near or during last call.
Yo man, you see that girl playing pool over there? She's got a nice ass, but check out that slutgut when she bends over!