The panic that ensues in a situation when one realizes that he has an extremely limited amount of time to hide or minimize porn before being caught. Often occures late at night when one thinks he is alone to enjoy porn but is alerted to the sound of someone approaching. In the days before the wide spread use of PC's, this panic was often defined by the sound of magazines being shuffled into a drawer or thrown under a bed. If one's reaction time is too slow, this can lead to being caught red handed.
Johnny had a porn-panic today when he was trying to minimize a porn screen on his PC as his mom came up the stairs to check on him.