The name of a drinking game created at 3:30am during Hurricane Homecoming, where the rules of the game are to take turns going around in a circle, and when it's your turn, you either take a shot, or take your pants off. Such decision is preempted by the other players saying "Shot or Pants," for which at that time you must proclaim your choice. For optimal play, really low grade tequilla and a mix of male and female participants, are the only requirements.
Girl 1: "Man, I'm drunk and bored. What should we do?"
Man 1: "We could always play the game that doesn't lie, 'Shot or Pants!'"
Girl 1: "That sounds great! You grab the tequilla, and I'll get ready to take my pants off!"