Panic Knife 

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...

Panic Knife by PSN ForeverDecay October 8, 2011

Panic Knife 

verb
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..."

Panic Knife by odearwtfisthatlol January 24, 2010

Panic Knifing 

When you're playing Call of Duty and being shot at from close range, and you quickly press the knife button and knife the guy shooting at you.

It's frowned upon by the community because Panic Knifing allows you to lunge about 3x the normal knifing distance

Player 1: Fuck guys I'm one from Attack Dogs!

*Player 1 dies*

Player 2: Dude, what happened

Player 1: Some faggot panic knifed me while I was shooting at him from 5 metres away! I wish they would fix the fucking panic knifing!

Panic Knifing by Dylan_Owns November 25, 2010