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1.
Panty dragon is slang for vagina. Some men like to think of their sexual exploits like a conquest. A conquest to slay as many panty dragons as they can before being taken captive by one for the rest of their miserable, married lives. The more panty dragons slayed, the greater the legend that is the man slaying. Some panty dragons hear tale of such men and go in search of this worthy opponent... most of them end up in porn.
"I'm looking to slay some panty dragons tonight, get the jager."

"The panty dragon on that one has a lip ring!"
by DieselJesus December 01, 2011