A dong, plain and simple.
Guy 1: Why are you icing your crotch?
Guy 2: Cuz I fell and hurt my red panda.
Used to describe something that is better in every way than its counterpart but is not very well known.
red pandas are the prime example
Also known as Asian Flush, Asian Blush, Asian Sensation, Asian Explosion, it's the condition almost 50% of Asian people suffer from due to inability to process alcohol, in which their face becomes bright red, their heartbeat increases rapidly, and they start making homosexual advances on people they know (and sometimes strangers).
"Did you see Cameron? One drink and...Red Panda."
Any player in the game of WoW who is an anti-semite.
Don't be such a redpanda, the holocaust was real.
Something that is not reaching the coolness level of its next readily available equivalent. Much as the Red Panda will never possibly be able to compete with the Giant Panda. For, as we all know, the Giant Panda is one of the world's most epic animals. Can also be used to describe anything lame.
"standard def TV is so Red Panda bro".
"tonight was gonna be awesome...but it went all red panda"
"not cool man, that was so red panda"