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Said in place of "fuck" for a variety of reasons. These include, but are not expressly limited to: Amusement, inside speak, put-downs, observation, and generalized phobia of using cuss words. See also: kerpiddilyphumphsk
"Hey, what the phumphsk ?"

"This is a bunch of bullphumphsk nigga!"
by Capricious45 April 13, 2015
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