Doing absolutely nothing while hanging out with your friends but talking about it like it's really cool and you HAD to be there. Does not refer to something perverted that Steve Carrell said.
"Hey Bree..I had an awesome time at that pants party"
"Yeah, we should totally get together and have another one"

The conversation is loud so as to attract others attention. Then when they question about the "party", you tell them that they have to be at one for a true experience.
by Ellen Moore October 28, 2007
Jay's favorite thing to do! z00t z00t!
Jay: Wanna come to the Pants Party?
Random Person: Sure... What kinda pants should I bring.
Jay: We don't wear pants at Pants Parties silly: *wink**wink*
by Pants Party/Kitty Maniac! October 20, 2006
To throw a party that consists of all the women wearing yoga pants.
Chris- Hey bro, lets have a yoga-
Ty- Yoga Pants party??!?!! I'm Down! Dank Dank!
by Fall of Troy Troy of Fall December 21, 2010
A great way to break the ice when performing an awkward sexual act. ex, double team, orgy etc..

Everyone takes their pants off and relaxes, until you decide to take it further.
Hey man, I hear you double teamed that slut last night. How'd you start it off?

Simple man, a pants off party!
by shanzeeb October 29, 2008
I don't always wear pants, but when I do, I wear my red corduroy party pants.
-Most Interesting Man In The World
by The Mo$t Int€r€$ting Man! October 17, 2011
Pants that have holes in them due to the immense partying they've been through.
You're wearing your party pants
by OGstatus April 7, 2009
A pair of comfy pants that have some give when you drink and eat to much at parties, they will also have some stretch so they will not rip if you dance the night away or fall down drunk.
its going to be a great party tonight, dont forget to wear your party pants
by red_roses2011 December 23, 2011