(n) The female equivalent of a 'pissing contest.' When girls get together and discuss great things they have seen and done whilst trying to one up another.
Girl 1: "I am going to China this spring.'
Girl 2: "I love going to China! We went there on our way to Tibet."
Girl 3: "Awww....so lucky! I can't go to China this year because (insert husbands name) can't get away from work for so long so we can only go to Spain."
Girl 1 and 2: "Awww...maybe next year."
Y stands for preved (An Internet term and the biggest ever flashmob in the history of russian Internet community) because of its similarity to the figure ("medved") from the well known picture, originally drawn by John Lurie. The drawing was altered in a minor way by replacing the word "surprise!" with the word "preved!" (by its russian spelling, of course) Actually, it was Medved (a bear) who said "preved" to a couple of people having sex in the wood.
Y - znachit PREVED!
(In english it'll be "Y for PREVED!" - Russian humorous interpretation of the movie title "V for Vendetta")