To have sex with a woman in the doggystyle position and pump your finger into her anus simultaneously.
While Travis was having sex with Vicky, he pressed the panic button.
by Oneleggedhomo May 18, 2006
the button you push on your car alarm keypad that makes the alarm go off
a dog walked up to my car and before he could piss on it i pushed the panic button
by Tha_Cuddla July 23, 2005
When you're in the position sixty-nine and one person decides to tongue jack your fart box and the other person puts a finger in the tongue jacker's butt to avoid having to reciprocate.
She started on the shaft, moved to the balls, and then proceeded to lick my butthole, so I "panic buttoned" her ass!
by The Hoff April 24, 2012