A vaginal orifice sequestered for its own protection against any manner of external dangers. Generally used descriptively for a person lacking in bravery, or just as a horrendously vile-sounding insult.
it's when you are so fuckingcheap to decide to go to work very early and look for parking on the street. Also metered parking starts at 9am and you are there at 8:30 to hold the spot.