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A leaky fanny is a female's intimate area after forms of sex or masturbation. This means her vagina could be leaking because of the male semen inside of it, or the female experiencing an orgasm.
The term "fanny" is slang for a vagina.
Oh, I took it out and she had a proper leaky vagina.
She orgasmed so hard, that her fanny leaked everywhere.
The situation that occurs when the host of the leaky vagina comes into close proximity of something of optimal stimulus.
Nat: Goddam it, I've got leaky vagina again. This happens whenever I'm around Rolo.