Pants that fall around the ankle. Often called high-waters/ high waters as well. This refers to the fact that you can wear them when there is a flood, or "high waters."
Wow, those flood pants are so cute, but your ankles must get cold during the winter...
Shorts so baggy, they look like short pants, the kind you would wear if a flood ever came to town. Usually sported by cholos/gangsters/white boys living in the hills.
*Yawns and wipes out eye-boogers* Today, I feeel extra cholo. Besides my XXXXXXXXLLL plain white tee, bandanda, and new tatoo of my name placed on the back of my neck, I think I'm going to show off my new flood pants to the homies and hynas.