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When a group of males ejacualate onto a pancake at the same time. the last man to unload on said waffle must eat it. The soggy portion of the title coming from the fact that the waffle will now be wet and soggy from semen.

See also Soggy Waffle
Dude, last night my buddies and I played soggy pancake, and frank lost. But he made his girlfriend eat it instead.
by Franklin742321 October 15, 2007
When a girl has a floppy and nasty ass which makes it look like soggy pancakes.
Boy, Natalya has some soggy pancakes.
by boomer1717 May 18, 2007