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1.
Recounting incidents that you make up under lots of pressure when you get caught doing something you shouldn't have to avoid telling the truth. Are often not well thought out and mostly presented to cops, parents, angry friends or teachers.
Guy in shit with the Po: "Oh sorry officer, uh my car..got um...stuck a little ways back so i uhhh came into this guys garage to look for...fuel, yeah fuel, but i didnt want to wake him up see, i was just gonna check if he had any first"

Officer McFagmoore: "Yea sure nice panicdote buddy you look like you're gonna piss yourself. Get in the car."
by Gary Weedson January 19, 2010
 
2.
When one is supposed to be engaged in conversation and therefore actively listening, one can sometimes find oneself at a loss for words when, unexpectedly, a response is desired and the would be responder has not been paying attention. In an effort to comply, one sometimes stammers and says something ridiculous, unrelated or incoherent. The unfortunate utterance is called a panicdote.
John: ....so that is why we should support the ruling party's plan to build a nuclear plant on top of the San Andreas fault, you see?

Mary, having heard nothing John has said, responds with the following panicdote: ....I have a kitty at home.
by Dr. Fromage September 14, 2013