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I could almost feel the shit licking my pants 

when things get really scary, but not really that much scary
I was so afraid that my boss would fire me right away, that I could almost feel the shit licking my pants

This shit happens when you've finished, your pants are up to your knees, and you suddenly realize you have to shit some more. 

This shit happens when you've finished, your pants are up to your knees, and you suddenly realize you have to shit some more.

holy shit i lost my pants

HOLY SHIT I LOST MY PANTS THIS CAT IS SUCKING ON TITTIES

Pants Full Of Shit Drunk 

The act of getting so drunk that you don't know nor care that you have just totally shit you pants, usually with a sticky burning goo.
Dude did you see that loser, he was was pants full of shit drunk.

Shit pantsed 

When a person becomes so intoxicated that they excrete stool in their own pants. All though this is extremely hard to do, there have been several recorded events in which this has occured
You: Dude, what smells like shit?
Me: Katie, she is so shit pantsed right now man!!!
You: hell yeah!!!
Shit pantsed by 1Girl2Pants November 16, 2009

Shitpants 1 

(proper noun): A name used to refer to one's first born child.
"Hey, Shitpants 1, go make me a sandwich or you're grounded."
Shitpants 1 by G.andy18 February 28, 2017