The act of knifing someone purely out of excitement in Call of Duty. Bad players will freeze up on the controller when they see you pop up suddenly before them and slam on the right thumbstick resulting in your death at close range, every time.
Me: Wow that pussy panic knifed me 1 offdogs!...
Friend: That's what you get for bringing a gun to a gun fight.
Me: That's ok, I'm sure they'll realize that panic knifing is a fundamental problem with the CoD series and fix it for Mw3.