Small characters made up on the show South Park. The underpants gnomes are small gnomes that sneak into your house at night to steal your underpants and somehow make a profit out of it.
Gaaaaah! The underpants gnomes are stealing my last pair of tighty whities.
by Sidney Vicious April 24, 2003
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A general term for short-ass freshmen (occasionally uperclassmen) who have yet to hit puberty and appear to be in the fourth grade (both in physical appearance, psychological development and writing ability). Usually have some strange/repulsive/childish personal habits (Ex: playing one-man football). Non-anime boobies are like kryptonite to them. Often carry airport bags in lieu of backpacks, believed to be full of stolen underpants (this cannot be confirmed due to their kung-fu grip ability), suspected to be a part of the shadowy and sinister "Phase 2". Reviled by all but the most desperate or demented fanboys and otaku. Sometimes abbreviated to UPGs.
"you wanna hang out in Steve's room?"

"nah, the Underpants Gnomes are in there watching Pokemon again."
by Natepalm October 18, 2003
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A condition suffered by a person or persons that strive towards a given goal but with absolutely no idea how their actions or planned actions will actually achieve the desired result.

Phrase derived from the underpants gnomes characters from the TV series 'South Park' that collected and stockpiled used underpants for the purpose of making a profit but had no idea of how to actually achieve this.
Demonstrators protesting for nuclear disarmament but not considering how they would protect the country when nuclear equipped aggressors decide to attack suffer a severe case of Underpants Gnome Syndrome.

Ex UK Prime Minister Gordon Brown suffered a major case of Underpants Gnome Syndrome when he thought that reducing VAT (sales Tax) by 2.5% last year would significantly stimulate consumer spending.
by brightstar555 August 11, 2010
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A condition suffered by a person or persons that strive towards a given goal but with absolutely no idea how their actions or planned actions will actually achieve the desired result.

Phrase derived from the underpants gnomes characters from the TV series 'South Park' that collected and stockpiled used underpants for the purpose of making a profit but had no idea of how to actually achieve this.
Demonstrators protesting against nuclear power but not considering how they will pay the ever increasing cost of power derived from the diminishing fossil fuel supply suffer a severe case of Underpants Gnome Syndrome.

Ex UK Prime Minister Gordon Brown suffered a major case of Underpants Gnome Syndrome when he thought that reducing VAT (sales Tax) by 2.5% last year would significantly stimulate consumer spending.
by brightstar555 August 11, 2010
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