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1.
adj. Extremely small and/or cute, especially in reference to Japanese cars, homes, dogs, etc.

interj. When used with "teeny tiny", expresses amazement at the tiny size and/or cuteness of the object in question

Derived from Japanese stationery with typically obnoxiously cute chibi characters on it containing the Engrish phrase "teeny tiny pinky ponky"

Used mostly by Japanophiles, Japanoposeurs, and fat kids who love anime
That enormous fucking Hummer needs to be deported, but look at the pinky ponky car next to it!
by Chihaz April 20, 2006
 
2.
An intense version of ping pong involving violence and the use of your wenis. It is usually accompanied by the Spice Girls.
Yo J-9 let's go hit up some pinky ponky. Don't forget to warm up your wenis before we play!
by PonkyLover July 02, 2006