1. The hairy sector separating your bunghole from your dilly-dally.
2. A room in a house/apartment specifically for men to hang out at, also referred to as a "man cave".
After a long, hard day of working in the yard, I love to come inside and scratch my sweaty grundle.
Man 1: Dude we've got the Nintendo 64 all hooked up in the grundle! Come over!
Man 2: Cool, bro! I'll bring over some PBR and an extra controller!