canpakes is a adjective for something that is a secret between two people and want to keep it that way (a codename or code word, if you will). this is not to be mistaken for pancakes. completely different.
Perfect for the use of a girls name that everyone knows and you dont want to be embarrassed!! :-]
"dood did you see canpakes today??" "i totally did, my friend, her ass was b-e-a-utiful!!!!!"