Basically a "cumbasket" is a vagina. But it could also be an asshole or a mouth, depending on where the cum is deposited. Anyways, it's mainly used as another way to call someone a "pussy".
that blanket someone gives you when you're staying over their house on short notice. it's usually smelly, itchy and looks like someone bought it at a garage sale for $2. in most cases you'd rather use your sweatshirt as a blanket and freeze to death before cuddling with this rag
friend: "here's a pillow and blanket dude" *pulls nasty blanket out of closet*
you: "thanks man" *throws blanket on the other side of the room after first touch* "no way am I sleeping with a dirty mexican cum blanket..."