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A really bad pun stemming from the word "utterly" and used as an intensifier in conjunction with anything involving breastfeeding or mammaries. A reference to cow or other animal udders.
That woman just pulled out her boob at the dinner table, clamped her baby to it, and it just went sucking away -- it was "udderly" disgusting to those of us without crumb-snatchers of our own.
udderly by kellyj2777 July 20, 2006
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Udderly Ass 

When someone or something is irrelevant to you or is acting like an ass shoe.Also could mean what someone is acting like then the word is used.
Oh my god, this class is so udderly ass when am I going to need this in life.
Udderly Ass by Udderly Ass November 7, 2016
Meaning "less than something should be". It's the opposite of "overly".
It's one of those words that you know isn't necessarily proper English, but you still find slipping into your sentences every so often.
I am so underly protective, but I know my girl won't mess around
underly by marrymenow December 29, 2014

underlying 

1. For something to be under/situated under something
2. Something that is important, but is hidden away
1. There is an underlying issue with this program. (There is an issue that is not obvious with the program)
2. A green box is underlying another box. (A green box is underneath another box)
underlying by FesterTY September 14, 2018

underlying slopper 

An underlying slopper is the act of a girl smearing her boyfriend's diarrhea on his balls and then using said diarrhea as lube to give him a handjob.
Man, I just got an underlying slopper from my girlfriend. It was fucking arousing and awesome!
underlying slopper by MonsterLog42 December 10, 2022

underlying stock

(FINANCE) a stock whose price movements determine the value of a financial derivative. For example, when a hedge fund manager writes a call option for Citigroup (NYSE:C) at 4.25/share, C is the underlying stock.

"Underlying" can be used to refer to other things besides stocks; for example, commodities, currencies, or bonds.
A put option rises when the spot price of its underlying stock declines.
underlying stock by Abu Yahya April 5, 2010

Underlying joke 

when you forget the wordinside joke” and NEED a better version x
Underlying joke by megalicous April 13, 2022