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1.
Where a guy and a girl have done the same girl at some point in time; not necessarily a menage a trois
Guy Carl sleeps with girl Suzie; the next week Suzie sleeps with the girl Betty. Carl and Betty are vag pals.
by galionheart November 23, 2009
 
2.
A close relationship between two heterosexual females or the female equivalent of a bromance
Cathy and Heather and really into each other. They are such vag pals.
by L2deuce March 22, 2012