An term of endearment sometimes used by girls our thier lovers in place of the wordvagina.
My vaggy itches! Anna Nicole Smith
Odd objects sometimes fall out of my vaggy. Paris Hilton
Only retarted underware models which are half my age can enter my vaggy Demi Moore
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.