Origin: Mexican slang. One of the less offensive ways of calling someone gay (as opposed to, say, 'maricon'). Mexicans see the puma as the most affeminate of the big cats.
Billy wore the Puma track suit to the restaurant, but was baffled by the laughter of the hispanic cooks.
1) A woman who is too young to be a Cougar, but too old for the men she wants.
2) A woman under 40 who discovers the men her own age prefer prepubescent, siliconed, bimbos to educated women their own age.