The act of defacing a restaurant's restroom by writing the word "Panama" in feces on the bathroom wall in revenge for poor service.
Dude, Andy totally did a panama on stall number two after the waiter took thirty minutes to refill his drink.
by Store Creature June 22, 2009
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The act of oiling up a the back of a male banker.
Dude: Dude, what is that guy doing?

Dude's friend: He's totally giving that guy a Panama

Dude: Oh Nasty!

Dude's friend: No its ok he works at Goldman Sachs.
by Colon 2010 April 7, 2010
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The process of blowing up your boat - or other vehicle - in the hopes of destroying nearby enemies. Also used to mean a risky, last ditch attempt, often involving a sacrifice, to reach a goal. While this procedure is, in fact, named after the South American country, it was not conducted for the first time there. Instead, the first Panama was performed in Nicaragua. Those who performed it simply thought they were in Panama.
Al Giordino: What do you think, Dirk?
Dirk Pitt: Uh... I think we need to pull a Panama!
Al Giordino: A Panama? A *Panama*?
Admiral James Sandecker: A Panama? No! No Panama!
by StaticStorm February 12, 2007
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1. Panama Shitty - another name for world famous Panama City, Florida, and Panama City Beach, Florida. A.k.a. Spring Break Capital of the World: Featured on MTV and like television stations. “Home of the Worlds Most Beautiful Beach”
2. Panama Shitty – An online publication featuring photos of locals as well as tourists getting shitty (having fun, partying, getting shitfaced, bringing new light to “the night life” of Panama City and Panama City Beach Florida. This website also features forums where interested persons can chat to one another, post events, as well as keep up with the “now,” of PanamaShitty.
1. We are going to Panama Shitty for spring break.
2. PanamaShitty has a picture of my friend Joe.
by N.E.A.R. Perfect Life May 11, 2009
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A special strain of Marijuana, mostly found during the Vietnam era.
"Can I get some of that Panama Red?"
"Panama Red is expensive..man"
by Jay2Win March 26, 2005
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Area Code: 850

Proper Definition;

Panama City is a city located along U.S. Highway 98 in Bay County, Florida. It is the largest city between Pensacola, Florida and Tallahassee, Florida. As of the 2000 census, the city population was 36,417; by 2004, the city's population had grown to 37,079, according to Census Bureau estimates. It is the county seat of Bay CountyGR6 and is located just east of the vacation destination Panama City Beach.

My Definition;

Place of many rednecks and too many drugs. Lots of skanks live here. & Spring Break is outrageous. Too many Spring breakers who think it's okay to liter on OUR beach. FUCK YOU.
Example;
Hey man. I just moved to Panama City. & DAYUM! There are so many sluts here.
by Leahkay May 13, 2007
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Causing your own boat (or yacht) to blow up for the sole purpose of distracting two hostile boats that are chasing you. This is done by lighting a cigar, cutting a small hole in one of the boat engine's fuel hoses, placing the lit cigar between the cut fuel hose and the wall, turning the boat 180 degrees heading toward the hostile boats, tying a rope around the steering wheel to ensure the boat's intended path toward the boats, and jumping off before your own boat explodes, thus, performing a Panama.
Al: "What do you think Dirk?" Dirk: "Uh, I think we need to pull a Panama!" Al: "A Panama...A Panama?!" Sandecker: "Panama?" Rudi: "What's a Panama?" Al: "Navy thing." Rudi: "I didn't know you were in Panama." Al: "We weren't, we were in Nicaragua." Rudi: "So, why do you call it a Panama?" Al: "We thought we were in Panama!"
by Battle Squirrel March 16, 2018
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