Doing absolutely nothing while hanging out with your friends but talking about it like it's really cool and you HAD to be there. Does not refer to something perverted that Steve Carrell said.
"Hey Bree..I had an awesome time at that pants party"
"Yeah, we should totally get together and have another one"
The conversation is loud so as to attract others attention. Then when they question about the "party", you tell them that they have to be at one for a true experience.
party where people have sex in each others pants
"let's have a pants party"
Party without clothes. Admittedly, even the most extreme pants parties are "pants optional". But seriously: NO SHIRTS!
Dude: You're invited to my pants party.
Dude 2: That sounds a bit gay
Dude: Don't worry, pants are optional. Just don't wear a shirt. Really: NO shirts.
An event that brings together a collection of exceptional, sextastic individuals dedicated to make one night...one of the most awkward and amazing nights in the history of mankind and THE UNIVERSE!
The Pants Party (especially 2 and 4) were quite possibly the best ever.
Jay's favorite thing to do! z00t z00t!
Jay: Wanna come to the Pants Party?
Random Person: Sure... What kinda pants should I bring.
Jay: We don't wear pants at Pants Parties silly: *wink**wink*