Phallic panic Share definition Flag When a drunken man's head thinks he want to sleep with a girl but the penis, knowing better, gives him a quick escape "Debbie!! stop that!! All that phallic panic you're causing is making half the party fall asleep. Phallic panic by jdfjhefbs. December 2, 2010 0 0 Get merch Get the Phallic panic mug. Buy Now — $32.95 See more merch