The act of being highly inebriated. On the scale of intoxication, 'Pantalooned' occurs just before becoming paralytic, where everything is hilarious.
Example 1:
Please join us tonight for a party at the local watering hole.
Drinks are on us so we expect you all to get thoroughly pantalooned
Example 2:
Jim: "You would not believe how drunk this chic was last night"
Louis: "Haha, was she white girl wasted?"
Jim: " Na, she was completely pantalooned, it was a right laugh!"