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Definitions by Old Joe Bob

panther piss 

A particularly vile alcohol. Worse than run-of-the-mill bad alcohol due to an offending odor or flavor. Often applied to cheap wine, booze, or beer whose only redeeming factor is that it can get you drunk.
Sure, Coors Light is panther piss, but after 6 or 7, you won't care.
panther piss by Old Joe Bob April 29, 2006