A pair of imaginary pants used as a symbol to award someone when they've donesomething good, but hardly worth noting. Same as in giving someone a "cookie."
(Noun) To behave in a weak-kneed, cowardly, panicky, or otherwiaw pussy-like fashion.
1.) When it became apparent that simple-minded belligerence would not help him in his war against America and other Free-minded peoples, Osama Bin Laden put on his Vagina Pants and turned to hiding in caves.