To dive, plunge headfirst. The definition reflects the "diving" motion of the skyward fictional Peter Pan character as described within various text and film.
The act of plowing a girl doggy style in a coach bus bathroom. While fucking her, dunk her head into the toilet and continue to flush until you cum inside her.
Guy 1: "Bro, you know that Florida trip I went on?"
Guy 2: "Yeah, dude."
Guy 1: "After spending all day in Disney, I peter panned some bitch on the bus."
*high five*
Guy 2: "Nice. Did she have that blue shit on her?"
Guy 1: " Yeah, she looked like a sweatysmurf after I was done with her."