from The American Heritage® Dictionary of the English Language, 4th Edition
- n. Slang Devious or mischievous activity.
- n. Slang Illicit sexual activity.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. mischievous behaviour, dishonest or shady activity. ("I think there was some hanky-panky with the last election.")
- n. sexual intercourse or other sexual activity, especially if illicit.
- n. a debaucherous act; a sexual act that is considered inappropriate.
from The Century Dictionary and Cyclopedia
- n. Jugglery; trickery; legerdemain. Also spelled hankey-pankey.
Alteration of hokey-pokey, alteration of hocus-pocus.(American Heritage® Dictionary of the English Language, Fourth Edition)
Possibly a corruption of the Romani expression hakk'ni panki ("great trick", "big con" and hence "shady dealings"). (Wiktionary)