Like that of the high fashion, high dollar perm hairstyle. The word "perm" is used when describing something that is fantastic, brilliant, amazing, special etc...
n. A slang term that refers to a penis (usually a chode) that gets stuck inside a womans vagina, not the anus, and wont come out. However, it only becomes a perm if the partners are seen in public stuck to each other.
Man: Oh shit
Whore: What now?
Man: It wont come out
Whore: I'm not going outside, that would be the fourth perm today