A sasauge wallet describes low hanging cunt-flaps that swing like a pendulum in a gentle breeze, other words to describe this are (wizard sleeve) and (clown's pocket)
"Hey mate your mum's been around so much she's got a sasauge wallet"
"Your mum's sasauge wallet is like an aircraft hanger"
The average wallet given to a boy by his father when he turns 8-12 years old. Usually color black or brown, made out of leather, and with a surprisingly nice smell.
Cashier: That'll be $10.81
Guy#1: *Takes out a brown wallet made out of leather*
Guy#2: Dude... Is that your default wallet?