The act of stabbing a woman in her vagina with a sharpened object, such as a toothbrush
Man 1: "Yo, I gave Becky the shanky panky last night."
Man 2: "What did you use?"
Man 1: "Your toothbrush."
Man 2: "I hate you."
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The act of stabbing someone after having bad sex.
I gave her the ol’ Shanky Panky, after she gave me that wallered out stanky.