Set up race area on large, flat area.
Have one pair of sweatpants for each team.
Set up a large pail of water for each team.
Set up a lawn chair about 20 feet from bucket of water.
At the start signal, the first child in line dunks the sweatpants in the pail of water, puts them on, then runs to the lawn chair and back to start of line. He peels off the sweatpants and passes to the next team member.
Next team member dunks sweats in water again, and runs to lawn chair and back. Repeating for each team member.
First team back wins!