A cumsponge is the sponge you keep on your bedside table in preparation for performing "the spongebob," the sex act where you shoot your cum on a sponge before wringing it out over a girl's head.
"Hey girl, I'm gonna be late for our date cause I'm preparing my cumsponge for later."
"Oh, that bowl of water? Yea, I keep it there so my cumsponge is always ready to go."
"Naw, I can't make it today brah..... I gotta clean out my cumsponge cause I hit my girl with that spongebob last night."