Also a term of derision, along the lines of douche bag. Same concept of combining vagina and a food product, such as Twat Waffle. Can be used when joking with friends as well. This word was in use in Bucks County, PA as early as 1990 by high school kids.
Usually in packaged form, a pussy burner is a protective cover for the penis, sheilding it from crotch rot and crabs. Known to come in different colors, shapes, sizes, and flavors.
I need to hit 7-11 on the way out to pick up a 6 pack of pussy burners.