Top definition
When you're playing Call of Duty and being shot at from close range, and you quickly press the knife button and knife the guy shooting at you.

It's frowned upon by the community because Panic Knifing allows you to lunge about 3x the normal knifing distance
Player 1: Fuck guys I'm one from Attack Dogs!

*Player 1 dies*

Player 2: Dude, what happened

Player 1: Some faggot panic knifed me while I was shooting at him from 5 metres away! I wish they would fix the fucking panic knifing!
by Dylan_Owns November 22, 2010
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