adj. Used to describe a thing, person, action or event that gives the strong indication that it has seen an erect penis up close and would be willing to hold one in it's mouth 'til the swellin' went down.
Yo, that dude suckin' my erect penis is pretty faggy.
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A film which preys on the natural tendency for stoners/slackers to want to watch other stoners/slackers do things that they themselves would probably do in the same situation.
Pineapple Express is total slaxploitation in that the folks that made that movie knew they could make money off me because I'm a fuckin' slacker and so are the funny dudes in that fuckin' movie, therefore I HAD to watch it and laugh my ass off.