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A very meaty vagina or twat that resembles a leather wallet.
Dude, you gonna stick your dollar in that Twallet tonight?
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Using your vagina as a hidden wallet
She had that dime bag hidden in her twallet
Combination of the words "twat" and "wallet". Essentially means hooker or someone you have to pay to have sex with.
Guy 1: "you see that hot chick back there?"
Guy 2: "yeah, don't go after her, she's a twallet".