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From The Collaborative International Dictionary of English v.0.48:
Underbelly \Un"der*bel`ly\, n. 1. The lower ventral part of the abdomen of an animal, especially one that walks on four feet. [PJC] 2. The surface of an object closest to the ground, especially of an extended object such as an airplane. [PJC] 3. The weak point of an object vulnerable to attack; used especially in the phrase "the soft underbelly". [PJC]