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1.
A synonym for the human male penis.
Guy - Dude, I just beat your killstreak.

Other Guy - You're such a spongenugget.
by Rushette March 01, 2011
 
2.
a person who does not appreciate randomosity or creativity
if you do not appreciate this word that i made up, you are definitely a sponge nugget.
by Brenna June 17, 2004