More often than not, I've seen it written "panty waist" but what the hell does that mean? "Panty *waste*" makes more sense for defining a sissy since it implies that what little manhood he's got in his panties is a *waste*.
2) A sissified boy who is afraid of getting hurt and will run away from confrontation.
see also - pussy, wussy, chicken shit
1. Panties up to or above the waist. i.e. old person panties.
2. Cumulative waste found in panties.
3. A waste of panties, as in expired panties.
4. The recipient of a wedgie, usually by surprise.
5. Trashed panties, specifically panties in the garbage.
-She is such a pantywaist, I simply do not approve.
-Will you have a gander at all of that pantie-waiste, such frivolity, I cannot imagine where you get off.
-I could not enter the forest for the pantywaste abound - some nearly up to my knees! I was forced to turn back.