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The frothy goo that squirts out from a vagina when a woman is excited.
Every time Marsha sees Matt Damon on TV she splooms on her chair.
Movie director Michael Bay's mind set. Taken from Robot Chicken. The "Ma" stands for 'Michael', the "Ba" for 'Bay' and the "sploom" is a shortening of "'splosion" and "boom".
Watch his films for an example. They're pretty much just Michael Bay playing with his toys while screaming "Ma Ba SPLOOM!"