1) The dried crusty mucus secretion left in girls and women's undergarments, usually resulting from excessive stimulation of the vaginal area. Also known as "clitty litter".
2) A sissified boy who is afraid of getting hurt and will run away from confrontation.
see also - pussy, wussy, chicken shit
Well is it "waste" or "waist"???
More often than not, I've seen it written "panty waist" but what the hell does that mean? "Panty *waste*" makes more sense for defining a sissy since it implies that what little manhood he's got in his panties is a *waste*.