The act of compressing the breasts to the point of flatness. Either knowingly or unknowingly. The act is usually performed by wearing a sports bras at all times; even when not engaging in physical activity. It is speculated that pankaking can lead to saggy tits in later life.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.