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A funny and dirty way to say a woman's private part, like it's made of soft stuff and you can laugh at it.
My cousin called her 'Lady Taffy' and she laughed so hard she spilled her soda.
He texted me 'Check out Lady Taffy, it's like a bakery down there.'
At the party, someone yelled 'Lady Taffy!' and everyone started laughing and clapping.