When you and your bro tag team a married couple and make them scream louder than they make each other scream. Typically culminates in large amounts of sperm covering the married couple who are left quaking on the bed.
Example 1:
“Dude…fist bump…we just hanky panked the shit out of that couple”
“I know, they’ll be cleaning up those loads for a week. Wanna grab some grub? I could go ice cream from the rite aid”
Example 2:
“Dude this couple wants us to hanky pank them tonight, but I’m kind of in the mood for a blow job”
“It’s cool man, it still counts if you cum their faces instead.”
When your girlfriend, or boyfriend ;), takes off their panties ;), hands them to you ;), and they are still warm and/or moist 8D
"Damn honey, those are some hot panks!"
"Eww those hot panks got my hand dirty!"
"Damn baby it's getting cold, hand me your hot panks will ya?"
"There sure are lots of of hot panks in the summer, just how I like them."