Slang for pussy, snatch, etc.

Made famous in the Van Halen song by the same name.

If you don't know, Panama is a country in Latin America that contains the Panama Canal, which looks like the slit of a pussy on the world map.
1) I'm meeting up with Erin -- I'll be going down to Panama tonight!!!

2) David Lee Roth from Van Halen: PANAMA!!! PANAMAW-HAW--UH-OH-UH-OH!! PANAMA!!!
by RexGibson May 12, 2004

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