A new twist on an old favorite. This is very similar to a key party, but usually held at colleges or during high school where the couples are not all able to drive to their residence to consumate the evening.

When the time has come to pair off, the gals take off their panties and they are put into a bag. The men blindly select a pair with the girl's name pinned to them. This determine who he is going to have sex with.
My sister invited me to a panty party when I was a sophomore. It was so exciting not knowing who I was going to have sex with. I would have never have though of having sex with Barry before the party, but enjoyed it so much that we have been dating ever since. We've even been to a few more panty parties since.
by BRD October 24, 2004
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When a group of male friends get together and conpare their panties whilst doing a circle jerk.
Man we had an awesome John Joshua panty party last night
by cobra69 May 13, 2014
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excessive dancing with a complete lack of over garments. Boys are not allowed to wear boxers at this party they are required to wear briefs or boxer briefs in any color (white and gray are not suggested). Girls may wear any style panty she prefer.
Late night is at my house tonight, bring your finest panties because it will be a panty dance party .
by Panty Dance Queen April 29, 2009
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(par • tee pan • teez)

n (plural) Those undergarments which one adorns their privates with when embarking on an outing which includes any of the following activities: heavy drinking and possible subsequent cigarette smoking, pole dancing, haggling and harassing of strangers, cocktail tricks (such as tying cherry stems in knots with one's tongue), apartment/hotel wall scaling for the purpose of breaking into room through window after loss of keys, canoodling with strangers (the stranger the better), disruption of the peace, shameless flirtation with the opposite sex (or any sex for that matter), bartender bribery and general mayhem. In severe cases, stripping and/or other varieties of nudity can be involved.
Put on your party panties! I’m comin’ to town!
by Sar and Squeaks September 28, 2006
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Panties with a hole in the crotch, usually worn by chicks who demand efficiency or are just too damn drunk to figure out how to take off their undergarments.
Jack: Oh no, I am completely intoxicated and the loss of my fine motor coordination has rendered me unable to take off your panties.
Jill: Don't worry, I have party panties on.
Jack: You're such a whore.
by Japmasta Funk August 21, 2009
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When you and your mate decide to have a party in just your underwear
My wife and I had a panty party last night, very exciting
by Jsjjsjshbdbdjsbsb December 29, 2018
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