(par • tee pan • teez)
n (plural) Those undergarments which one adorns their privates with when embarking on an outing which includes any of the following activities: heavy drinking and possible subsequent cigarette smoking, pole dancing, haggling and harassing of strangers, cocktail tricks (such as tying cherry stems in knots with one's tongue), apartment/hotel wall scaling for the purpose of breaking into room through window after loss of keys, canoodling with strangers (the stranger the better), disruption of the peace, shameless flirtation with the opposite sex (or any sex for that matter), bartender bribery and general mayhem. In severe cases, stripping and/or other varieties of nudity can be involved.
Put on your party panties! I’m comin’ to town!
Panties with a hole in the crotch, usually worn by chicks who demand efficiency or are just too damn drunk to figure out how to take off their undergarments.
Jack: Oh no, I am completely intoxicated and the loss of my fine motor coordination has rendered me unable to take off your panties.
Jill: Don't worry, I have party panties on.
Jack: You're such a whore.