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The act of knifing someone purely out of excitement in Call of Duty. Bad players will freeze up on the controller when they see you pop up suddenly before them and slam on the right thumbstick resulting in your death at close range, every time.
Me: Wow that pussy panic knifed me 1 offdogs!...

Friend: That's what you get for bringing a gun to a gun fight.

Me: That's ok, I'm sure they'll realize that panic knifing is a fundamental problem with the CoD series and fix it for Mw3.

Friend: No...
by PSN ForeverDecay October 06, 2011
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In Call of Duty where you go to shoot someone and in your excitement press too hard on the control stick and melee helplessly whilst your opponent guns you down.
"I would have totally just owned you if I didn't panic knife!"


"You were one away from a killsteak man what happened??"

"I panic knifed..."
by odearwtfisthatlol January 24, 2010
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