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n. a figurative phrase that means you are ready to begin dancing, or you are mentally prepared to dance.
Could also be a term of encouragement.
Ex. 1.
Ray: Holy shit dude, "Dancing Queen" just came on! Let's put down our drinks, put our dancing pants on and get the fuck onto the floor, its gettin' groovy time.

Sinoris: Yuzzur, let's do it to it.


Monty: Wow dude, Nancy is so fucking gorgeous out there in her flower dress, i wish i could approach her.

Mark: You know what i wish? That you didn't have a vagina...now put your dancing pants on and go mingle with her as soon as the next Barry White song comes on.
by Plo Daddy Fresh December 19, 2008