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.