no bra no panties. You can mean 2 things by this saying.
1. You're not a virgin (or not a virgin anymore).
2. You're sexually putting yourself/ sexually marketing yourself out there.
Taken from the movie "Thirteen". The scene with Traci and her Mother. no bra no panties:
Traci: *Dancing and touching herself* No bra! No Panties!
Mom: *Fearing the worst* Stop it..
Traci: No bra! No panties...
Reality TV: An Irony. It's as scripted as Arnold Schwarzenegger's voice and lines in "The Terminator".
Reality TV on mtv, vh1, etc..
Air head: Omg! Tara just found out Josh cheated on her with Jenna at Tara's own party. Kim got a DUI. Chelsea got a contract with the best supermodeling agencies in the world. Chad just got promoted to a million dollar business, and Kelly found out she got preggers my some random hookup she met at Tara's party. OMG!! Sooo much drama!1
Smart person: You do know that's all scripted, right?
Air head: Ughh! Whatevs!
Best example for this is when you can't have regular sex like you used to before you had kids. You could have pretty much done it anywhere anytime, but now that you have kids, it's a no go. They're always around. So you can only do it at certain times. Hence the term red light, green light.
red light green light sex:
Jack: Damn, never have kids man
Eric: Why not?
Jack: Because the sex is nothing but red light, green light!
Jack: I'm in the mood.
Lisa : Sorry honey, but can't. I have to go pick up the kids from school soon.
Jack: *fustrated* damn it Lisa, every since we had the kids, its been nothing but red light, green light sex!..
Things that suck you of life, and sponge up all your money.
Children, and why you shouldn't have them:
Lisa: Hey!, are you going to Chris's get together party this weekend?
Amy: No, sorry, i have to take care of the kids.
Lisa: Ok. Wanna do down to the pub and buy a few drinks/cocktails?
Amy: I would have loved to, but i had to buy the kids new clothes, groceries, and pay the Daycare fees and School tuitions.