Kight
Because the only thing funnier than pants is the absence thereof, student group the Knighthood of Buh (the same patriots who campaigned to change the Longhorns to the "Tropicana Pure PremiumHorns") has been dropping trou on the first Friday of May for the last few years. (They claim, however, not to be the originators of the holiday, only its most vocal advocates.) The 2003 celebration was the most successful yet – bare-thighed revelers enjoyed a number of No Pants Day celebrations downtown, forcing local establishments to expand their "no shirt, no shoes, no service" policy. With a few other cities joining in on the fun this past year, it's only a matter of time before the joys of public pantslessness sweep the nation.
