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1.
A pair of boxer shorts worn with the intention of causing all sorts of sin, debauchery, mischief and copious amounts of banter whilst out for the night.

The underwear will usually depict a wild animal with a slogan conveying the attitude of the wearer, clearly marking them as 'Banter Shorts'.
I've got the banter shorts on lads! Shit's about to get fucked up!
by Banter-Shakesphere May 09, 2011