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a degrading term, generically meaning "tampon" (see tampon), except much more offensive. if you use it, it means you are expressing extreme anger towards that person you are calling a tawtsponge
twatsponge1: omfg dude! did you see that guy that just cunt-punted your girlfriend!?

twatsponge2: DUDE WHAT THE FUCK?! that guy is such a fucking twatsponge
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