Like the famous (panopticon) prison design from some great Dutch guy, The Panoptichron is a feeling that one gets after indulging in the substance known as "lady Jane". A Participant smokes said substance and enters a "zone", if you will, which is referred to as the Panoptichron.
Oprah: I am mangled.
Tim: I have entered the Panoptichron.
Alex: Fuck you guys, instead of maturbating my life away, I am going to pull a solo mission to run that Panoptichron shit.
Tim: lets enter the Panoptichron later.