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1.
this is a level of excitation that results in folks shitting their pants.

it is generally a hyperbole/exaggeration in that one does not ACTUALLY shit in their pants.
Bobby was shitpants excited over his date with his hot slutty cousin that night.

Tina always gets shitpants excited when she hears about a new family guy episode on TV.
by masochistmonkeyjoe March 19, 2010