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1.
(noun) A liquid drink served at the Phi Psi lodge at Cornell University especially during the 1970s. Used as a substitute for other decent drinks in order to save money for the house. Gunder was akin to Kool-aid, but somewhat thicker. It did not come in flavors, so much as it came in colors of which there were primarily two -- green and red.
The Brow's skin tone was the color of green gunder. Red cake goes well with a big glass of green gunder. My blood flows with green gunder.
by B.J. Cleaver December 13, 2004
 
2.
gay looking male (usually briefs) underwear, often containing pastel colors, obnoxious patterns, or rainbow stripes.

Cross between 'gay' and 'underwear'
1) I'd like to return this as I thought there would be 3 pairs of simple, solid color briefs, but I was shocked to find this pastel striped gunder hidden between the two pairs on the outside.

2) Man: Lemme flip the lights before we go any further.

Woman: why? are you wearing gunders?
by no one in particular really August 09, 2009