A male that exhibits himself as having female characteristics with the clothes that he wears and the way that he acts.
Guy #1: Look at Mike in his new clothes. I think that he bought them on the blue light special at Kmart. Guy #2: He looks like a cherry pants. No girl is going to want to go steady with him!
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This is a dance in which all male patrons are considered to be a cherry pants. They are confused about their sexual orientation.
Joe went to a dance looking for romance, he saw a cherry pants and thought he had a chance. Then he realized he was at a cherry pants dance and some were already thinking about plugging him.