Wiktionary
n. A prank where a woman's underwear is stolen.
Wikipedia
A panty raid was an American 1950s college prank in which large groups of male students attempted to invade the living quarters of female students and steal their panties (undergarments) as the trophies of a successful raid. The term dates to February 1949.
Panty Raid, (foaled March 8, 2004 in Kentucky) a grade I winner on dirt and turf, a millionaire daughter of Include raced for the Greathouse family’s Glencrest Farm and Dan Taylor. Panty Raid was nominated for an Eclipse Award for the American Champion Three-Year-Old Filly in 2007 but finished a close third behind Octave. Both Octave and Panty Raid finished behind in the voting to champion Rags to Riches. Panty Raid will best be remembered for her stirring victory in the Grade II $200,000 Black-Eyed Susan Stakes on May 19, 2007.
Panty Raid is the eighth studio album released by American punk rock band Zebrahead.
The album consists entirely of cover songs by female pop artists, including singers such as Avril Lavigne, Christina Aguilera and Gwen Stefani.
Usage examples of "panty raid".
I had just spent the entire evening taking readings of the Delta Smegma Hi-Fi fraternity's annual toga party, panty raid and orgy, and I was eager, as you might very well imagine, to feed the results into my computer-monitored apparatus.