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1.
A term describing ultra low-cut jeans or pants, wherein the top of the pants is low enough that it seems a certain amount of grooming of the naturally occuring hair in the lower area must have taken place (otherwise it would currently be on display). Thus, the person in question would have had a haircut on both areas in order to appear in public.

Also: two haircut skirt.

"Check it out, two haircut pants!"
by grumblefish September 21, 2007