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The process of blowing up your boat - or other vehicle - in the hopes of destroying nearby enemies. Also used to mean a risky, last ditch attempt, often involving a sacrifice, to reach a goal. While this procedure is, in fact, named after the South American country, it was not conducted for the first time there. Instead, the first Panama was performed in Nicaragua. Those who performed it simply thought they were in Panama.
Al Giordino: What do you think, Dirk?
Dirk Pitt: Uh... I think we need to pull a Panama!
Al Giordino: A Panama? A *Panama*?
Admiral James Sandecker: A Panama? No! No Panama!
by StaticStorm February 12, 2007
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