What is a camel toe?

Camel toe is a more sexual anatomy reference. It refers to the ability of being able to see the outline of the female's vulva through her undergarments or tight clothing, like those made of spandex. Some might say it's a "vaginal wedgie" or "vedgie" according to street slang.
Cameltoe is a slang term that refers to the outline of the labia majora seen through tight clothes. This slang was depicted in the film The Weather Man and episode 2 of season 12 of South Park. (source Wikipedia).