A little song, a little dance and a glass of mineral water? The phrase "down your pants" comes from Chuckles the Clown, a circus clown who is a virtual character in the Mary Taylor Moore Show. In an episode of The Mary Taylor Moore Show, a clown dressed as Peter Peanut giggled and was accidentally trampled to death by an elephant. In memory of him, a character in the play quoted this sentence which he often said.
It can be understood as a little happiness and humor in life.