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The acronym meaning:

Put A Load In That Slut's Ass Hole And Never Call Her Again
T: Hey Alfred, you end up getting that slut's phone number last night? What was her name again?
A: Yeah, I did... her name was Cindy I think.
T: Oh yeah man, I'd love to Palitsahancha.
A: You and me both, Trent.
by Rowland Phraser June 23, 2011
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