The act of coitus. To fornicate. To have sex. To make-a-sexytime like Borat says.
When I get bail and finally get home, ffs, no bullshit homie, all she wants me to do is fold her in half and Poonch her in her Jeet with my weenuk / weenuck!
Inserting a used/filled condom into the bottom of a girl's purse. If everything goes right, she won't discover it for a few days, hence the "MoldyPoncho'.
My girl was being a trick ass trick so I hooked her up with a moldy poncho.