Heh, not really baggy pants related, but that last post reminded me of something my dad did to my grandma on christmas one year.
We were all over at her house and she was cooking in the kitchen, which at that time could be easily seen from the living room. My dad gets the smooth idea to pants her (he's a real cut up) and so he sneaks in the kitchen and jerks her pants down. Well, it turned out she didn't have any underwear on either, and everything comes down together. Then she just turns around to face the living room with a "What?" expression on her face.
I think it made me why I am the way I am to this day. I think it broke my brain.