I found a website today about "No Pants Day" and I wish May was a whole lot closer.
Basically, this is one of those random obscure holidays... and, in this case, it's exactly what it sounds like. Unless you're from Britain, in which case "no pants" means the American equivalent of "no underwear." While one could just wear a skirt, shorts, or something else that isn't quite pants but is still a normal covering of one's lower unmentionables... the point of this holiday is to proudly sport boxers, briefs, bloomers, slips, or something else un-pants-like all day in public in lieu of normal attire.
Sounds like a lot of fun to me. Actually, sounds a lot like a day-long game of Ankles (in which at least two people pull down their pants and stand there looking at each other until one person- the loser- feels awkward and pulls their pants back up).
I think this would be fun to spread around Purdue, especially since the first Friday of May is, a) a Friday (and therefore there is a good possibility of improv- though maybe not that late?) and b) either during dead week or finals week, and would be an excellent way to relieve finals stress, in my opinion.
Pantsless fountain run, anyone? :)