When one's pants are dropped so low (usually from something called "sagging") that they waddle like a penguin when they walk.
What would really give a full effect to this term is if one is using this "penguin swag" and is wearing a black/white shirt, black/white pants, and a nice yellow hat.
*Bob drops pants to his ankles and attempts to walk*
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. Penguin Books,1992. p. 38)