Another name for a running-gag joke told by senior members of a club/organization/military to junior members that have no previous personal knowlage of the people involed in the the joke. The joke usualy involves obsurde snippit's of information alluding to a larger, most likely to top all story about a vacation/trip/deployment (in some cases to Panama, due to it's interest to others simply as a foriegn country, it's lack of reccord keeping, or the fact that "Panama" is a fairly easy word to remember) that had gone horrably wrong. The cleverness of the joke comes form the presenter's ability to make the hints as outlandish as possable without the junior or reciever figuring out it is a hoax, and while only alluding to the actual story.
Hey, that cherry has no Idea were pulling a panama (panama joke) on him!
by Kyle, 1st. LT January 03, 2008