Imagine the most distinctively awful smelling toxic waste dump in all of existence. Now think of that on your girlfriends asshole. A "Rust Bucket" is an asshole that has gone several months without wash and is most likely covered in one of the following: Shit , piss, dried up semen, blood , scabs or all of these things.
If you see someone with a rust Bucket , pity them for they live the worst life possible. Also run