1. Someone who takes everything to say into mind (ass) and stores it for later use against you.
2. A random insult.
Jennifer -- Yeah, well I'm not the one who told you I have some weird dead cat fetish!
Bruce -- I told you that in private! God, you can be such an ass wallet sometimes!
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A medical condition causing discomfort on a localized area of the ass. It is caused by sitting on one's wallet for an extended amount of time. Symptoms include: soreness, redness of afflicted area, complaining. In some areas, it is seen as a sign of social status, implying that one has both a full wallet and plenty of leisure time.
"Man, I got some bad wallet-ass!"
"Well, maybe you shouldn't sit so damn much."
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