The Purple Wombat is part of a shaggy dog story involving Billy. The entire story revolves around the listener wondering what the Purple Wombat is, only in the end to be disappointed and not find out.
The Purple Wombat is not an actual thing, action, etc. Its just part of the joke. Odds are if you're wondering what the Purple Wombat is, you read the joke.
The entire joke is that there is no Purple Wombat.
shaggy dog story purple wombat
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A term used to describe a woman's vagina after violent sex. The 'Purple Wombat' refers to the appearance of the vagina.
Man1: "Dude, we were going at it so hard last night I gave her a purple wombat."
Man2: "No Way!"
Man1: "Way."
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