Commonly referred to females with certain qualities that males are simply not interested in. This could refer to "Red Heads" (because of their "Fire Crotches") An easy girl (or tramp) and lastly, a plain old ugly girl.
Mike: Check out that red head over there -
Eric: Nah dude shes a snatcher.
Eric: Yo I slept with Crystal last night
Billy: umm...wow who hasn't? That girls a snatcher.
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