(Noun) To behave in a weak-kneed, cowardly, panicky, or otherwiaw pussy-like fashion.
1.) When it became apparent that simple-minded belligerence would not help him in his war against America and other Free-minded peoples, Osama Bin Laden put on his Vagina Pants and turned to hiding in caves.
2.) Osama Bin Laden is a Vagina Pants.