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.
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.