A term used to describe a male with good qualities. Though one's definition of a Panty-Dropper changes from person to person, the usual standard is a good looking male, maybe with a special talent; such as being good at music, sports, or any of your typical "sexy" male activities.
Since we're all about equality, the female equivalent is a Boxer-Dropper.
The terms can be used loosely, based on one's own sexuality.
Mmm, that lead singer from Franz Ferdinand is a super Panty-Dropper!