What Is That Thing Inside A Woman's Vagina That Hangs Down And Is Kinda Like A Punching Bag?

Its called the inner labia. It is connected to the Clitoral hood all the way down to the opening of the vagina. Its found inside the outer labia and can be smooth, wrinckled and different colours varying from pink to dark brown/black depending on the woman ethnic backgrounds. The Inner labia may also change colour as a woman matures, much like the nipples can.

Hey I was wondering if your friend found out what this was as I think I have the same problem.

I have that thing in mine too its so irratating when it gets stuck to my pubic hair

I have found that on my girlfriend as well.  My friend mentioned the same.  I have named it the "vaguvula" as it reminds me of a uvula, even though it cannot obviously be seen.  It is against what seems to be the back wall.  It is quite hard but possible to move a little.

www.funadvice.com link has a commenter (on the bottom) that seems to think it is the opening to the cervix.

Internal female genital has 5 parts. Vagina, Cervix, uterus, fallopian tubes and ovaries. Two small glands called bartholin's glands are also present on each side of the vaginal opening. These glands provide lubrication during intercourse. G spot is located on the front wall of vagina. Non of the part of vagina is hanging like punching bag.