Hilarity seeing Strauss's name on his pants today, inside out (6)

I believe the answer is:
levity
This clue might be a double definition.
'hilarity' is the first definition.
(thesaurus)
'strauss's name on his pants today inside out' is the second definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.
'seeing' acts as a link.
Can you help me to learn more?
(Other definitions for levity that I've seen before include "Disrespectful treatment of a serious matter" , "Light-heartedness" , "Manner lacking seriousness" , "Disrespectful humour" , "lack of respect" .)