Part of a female's body seen when her jeans, short shorts, skirt, etc. is worn so low that she might as well be showing everyone her lady parts. This girl is almost assured to be a slut, and could only show this more by holding a bottle of Jager, giving a dude a handjob, and saying "I am so drunk right now," all at the same time.
Kevin: Wow, did you see that girl with the short shorts?
Sean: Yeah, they were so low she was showing off her cooch cleavage.
An exclamatory remark uttered after a male friend has performed some action to show he is completely whipped by his girlfriend. The implication being that he would be willing to purchase a panini press for his apartment/dorm room/house/living quarters if she asked him to.
John: "I can't watch the game tonight, Sally and I are going to see Phantom of the Opera."
Friends (together): "Panini Press!"