Yes, these are lace hip-hugger bell-bottoms layered over hotpants:

In fact, speaking of layering, this outfit is like the seven-layer dip of crazy: you line a Pyrex casserole dish with that somewhat unflattering haircut, then cover it with lace see-through pants, some boyshorts, a purse in desperate need of a wax, a dash of The Beatles (The Beatles: “Leave us out of this!”), a ratty swobe, and keys worn in the style of 19 year old boys shuffling to their dorm showers every morning since the beginning of time, and then dig in! Bon appetit! It tastes like crazy!