A journalist who writes about and/or dressed in their underpants. Often referring to bloggers or freelancers who work from home/their parents' basement.
"TMZ may have broken the 'Michael Jackson is dead' story, but they're still a bunch of underpants journalists."
From the TV show South Park. They steal underpants in order to make profit. They even educate children on how profit works. Here's how:
Stage One: Steal Underpants Stage Two: ???????
Stage Three: Profit!