A person who has no particular skill or specialist knowledge, but who is regarded as capable of doing reasonably well across a range of responsibilities; and whose principal value to a business is an ability to absorb new information quickly. Often working in financial services, a spongible person will never set the market alight, but is ideal for fighting fires.
Banker 1: Tyson has lost the bank millions, we need to appoint someone who can quickly grasp the issues but won't be missed in his current job and won't go after mine.
A female whose physical features (ie. bottom, hips, thighs, breasts, etc) or demeanor (bratty, rude, bitchy, slutty, etc) incites the urge to take her over your knee, under your arm, bend her over, or position her otherwise, and spank her long and hard.
1. Did you see her ass? That broad is totally spankable.
2. Damn, that bitch needs an attitude adjustment. Extremely spankable.