Waiting until all the cool people are at the party, then calling everyone else and saying it's cancelled so they don't turn up and ruin it.
Short for: "Party Cancelled".
Andrew: "Maria, who else is still coming to this party?"
Maria: "All the guys from work"
Andrew: "Screw them... this party is now Pancelledl!"
by stirfriedemu August 02, 2011

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