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Basically means one of two things: (a) a whore who drinks lots of cum, or (b) a pregnant female.

(could also refer to a gay male who has been pumped full of spunk)
(a)"Yo check that dirty fucking spunkgut biatch!"
(b)"Is that a spunkgut or is she just fat?"
by jaijai binks August 10, 2006
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2
When a collection of spunk consumed collects in the stomach cavity and gives the image of a beer belly
Hayleym@gem.co.uk
by James September 23, 2003
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