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Pheonix Down is a potion used to revive a fallen player in the game Final Fantasy.

Your Pheonix Down Virginity is when you never used a pheonix down during the game.
Jack: "Oh no! I had to use my pheonix down for the very first time!"

Sean: "Oh dude, you just lost your Pheonix Down Virginity!"
by mackylacky March 28, 2010