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1.
the act of a dude showing his vagina for all to see
Guy 1: yo you should totally go talk to that girl
Guy 2: nah I dont want to
Guy 1:Your such a wankypanky pussy
by baller156383 February 14, 2011
 
2.
When two seriously horny guys get together to stroke the spooge out of each other's sausage.
Rick and his good buddy Dick like to take their lunches in private at the construction site. They find a quiet little place away from the other guys for a little wanky panky.

After fixing his TV, the cable repair guy and Hank spent a little extra time working on each other's equipment, with a little wanky panky.

After the game, some of the guys on our team like to kick back and play a little game of wanky panky with each other.
by Happy Wolf August 10, 2007