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1.
A garment that is worn on the legs. Pantaloons generally fasten around the waist and reach to the ankles.
"Your pantaloons are most excellent."
by Licktheoutlet July 20, 2005
 
2.
Sophisticated version of pants meaning something that is not particularly desirable. Interchangable with trousers. A fun alternative that will have your friends in stitches....
Jimmy dumped you? Oh no, that's pantaloons.
by Han and Jen October 21, 2005
 
3.
pants in general, or more specifically, pants which are so big that they look like a balloon around your legs.
omg, those pantaloons look ridiculous on you!
by Rosepartymix August 14, 2007