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2.
Stop flipin out.
After being punked, I told him to keep his pants on
by Stephen Carboni April 20, 2004
 
1.
What to say to someone when they're getting too excited about something (can be anything).

Another way of saying "Calm down!".
A: (Person getting too excited about something)

B: Ok man, keep your pants on!
by El_Barto October 20, 2004