I guess it implies an indiscriminate woman (sex-wise). At the same time, guys are expected to be fairly indistriminate - taking anything that's on offer.
In terms of the word, I never use it. Also - I've never thought that a guy who's "had" a lot of women is necessarily manly. In fact, I'd probably look down on them if these were public relationships, or if they are discussed publicly (or occur within) a social group. Private encounters I see of as different and ok.
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