this is basically the same as calling someone a fag or homo. it means a homosexual male. or to understand it better, a man who wears panties.
" damn i saw a guy today that looked like a big panty man"
by brown jaguar May 09, 2010
a gay man; a man who likes 2 wear panties
yo, dem pantyman all round da place down dare
by thug mami May 13, 2006