The Chuckle Bucket is used to describe the area between the base of one's nut sack and their asshole. It is used instead of words like taint or gooch in order to make talking about that areas seem more social acceptable in public.
1. I was watching the news and saw a few chucklebuckets claiming there was no recession. 2. That woman's chucklebucket has a couple of rocks rattling around in it.