Short for Jailbait Vacation. To travel somewhere with a lower than average age of consent with the singular purpose of having sex that would normally get you arrested. A bit of consensual, guilt free fun without the jail time.
"So did you hear that 16 is legal in Arkansas?"
"Seriously? I thought you had to go to Japan for that sort of thing."
"No sir, it's all right here in America. I think it's about time we took a Jaybay Vaycay and fucked some high school girls."
"Sugoi"
Despite the name's implied vulgarity, it has nothing to do with a woman's reproductive organ. It was actually a children's TV show from Holland starring a hand puppet of the same name. It didn't make it passed two episodes and was cancelled because the name of it was Monster Vajayjay.
In 2005, Dutch film directer Willem Grundje made a children's show called Monster Vajayjay. People have just remembered this show and have been talking about it on forums all across the web.
The female vagina, coochie, hot-box, or hoohah. The word springs from the character of Dr. Bailey on the hit show, 'Grey's Anatomy.' Other notable users of the word 'Vajayjay' are strong black woman and mother to all, Oprah Winfrey; Ian Rose, popular Nebraskan Vagina Connoisseur; and Brittani Diva, Vajayjay Queen 2007.