a sexual activity where a girl or a woman takes off her knicker to masturbate, to copulate etc.
It can also be used for a couple when the man strips off the girl's panties and gets off with her with any sort of sexual game from masturbation to penetration

It’s an acronym standing for Can’t Remember A Fucking Thing. It’s usually used to describe embarrassment at being unable to remember someone (CRAFT moment); going onstage as the lead in the latest theatrical performance and your mind goes completely blank (CRAFT situation); the next morning after a night when you got pissed as a fart and woke up in bed cuddling a traffic cone and a string of fairy lights wound round your prick.

What happen when a guy shows his boxers to a girl, either intentionality or unintentionally. This could be because of sagging, a hole in his jeans, or the popular way, pulling up a piece from the top of his pants and yelling "Panty Action!"

If you do some panty action, you are involved in sexual foreplay where you reach for woman's panty in order to touch her vagina before hitting full slam.