panty cheese is slang for a clear or white vaginal discharge, this goo is best warm and is a delicacy amoung teenagers.
"Bakersfield smells like Carl's Jr. and Panty Cheese" -Mark & Brian radio program.
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The act of a girl making a grill cheese sandwich and instead of grilling the sandwich on a stove she puts it in her pants and melts the cheese.
Steve: Yo, what are we going eat on this camping trip? I only packed cheese and bread.
Mark: Dude, my girlfriend is coming, we can eat pantie grill cheese for a week!
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