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1.
Any fluids entering or exiting the vagina.
"Put on some pants, I don't want any vaginaise on my couch."
by Mikocha May 27, 2006
 
2.
that white crap that sometimes comes out of a woman's vagina in porn flicks (not ejected semen)
"that white crap that sometimes comes out of a woman's vagina in porn flicks; that's vaginaise"
by jw78 January 17, 2009