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1.
A lady (of sorts) that has had such a high intake of spunk that it no longer fits in her mouth and thus dribbles down her chin in a beard like fashion.
"Stop cumming in my mouth or i'll end up with a spunk beard"
by Paul Johnston August 14, 2006
 
2.
To spunk on a girls chin
I took her sideways then gave her a spunkbeard
by Matnfjkwg October 10, 2006