What is Shack Prize?
1.
a piece of clothing that you obtain as a result of spending the night at someone's place, or them spending the night at your place.
"Damn...where did you get that serape?
"It's a shack prize from that guy who I met last Saturday at the Cinco de Mayo party. He forgot it when he snuck out on Sunday morning."
See
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When You Get A Blowjob From A Cheap, Smelly, Whore For Only A Quarter.
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