Continuing in the format of previous volumes, we present a collage of exciting items our panty-loving readers sent us when we asked them for copies of their favorite jack-off materials: photos, drawings, letters and short stories about panty experiences by males and females of all types and ages.     In this issue: bold panty flashing women, guys who peek up skirts, and every sort of hopelessly lost panty-wasted guys. Many of them aren't sissies or crossdressers, just crazed fetishists, completely addicted to frilly panties. Storeis from husbands caught masturbating in their wife's panties, guys caught spying on their sisters, a boy caught in a ladies' room, and females who make you beg for their panties! All the panty nuts are here from shit eaters to motherfuckers. These panty fanatics will inspire you to greater heights with your own panty fetish and drain your silk-encased cock.    Panty thieves, teasing females, crossdressing husbands, sissy sons, and more! More! More!    Everything about pretty, lacy, old-fashioned panties is here for your masturbating pleasure. Pictures and stories are rated from "G" to "X" and illustrated with cover art and 22 photos.