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1.
1. An verb to describe a series of nights out, consecutively, to end up with little memory and recollection but still consider it the best experience you've ever had. It is followed by a massive hangover that can be cured with another beer as soon as you wake up. Also defined as cheap, mind blowing, crazy partying.

2. (noun) A place where the wildest dreams could come true with a little bit of money. A place where underage drinking is encouraged and illegal sex is accepted. You can forget all of life's harshness with the good quality cheap booze there. If life is giving you lemons, phnom penh will give you 1$ triple tequila shots with those lemons.
How was last night?
It was a Phnom Penh by the time I left

We phnom penhed last night
Really? I don't remember
Exactly! We phnom penhed last night.
Is that why I don't have any shoes on?
by Phnom Penh Resident January 03, 2011