(n)This is a slang term for the female genitalia-- more specifically, the labia minora-- so termed for it's resemblance to stretched (pink) laffy taffy. Therefore, the term may also carry with it connotation of excessive sexual intercourse which can result in a stretched or elongated labia minora.
That ho had so much sex, when she spreads her legs, Willy Wonka himself would envy her Laffy Taffy.
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