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.
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...