You keep using that word. I do not think it means what you think. It means, "I'm not wearing any pants."
Chorus
We all live in a Yellow Submarine etc. etc.
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
I'm not wearing any pants
"But he's not wearing any pants!" a little child said.
And we all know what happened then, don't we, children?
Gollum: Not fair, my precious! It hasn't got any pocketses! It isn't wearing any pants!