...Or not.

Strip Monopoly
For the most part, this game will play much like normal Monopoly. Everyone starts with $1000 (reduced due to the time aspect pointed out by superbus), without properties, on Go, etc. However, as regards clothing, some special rules are involved...

To use roleplaying terms to define clothing, there are a certain "slots" that actually count for clothing: 2 feet (left sock, right sock), two lower-body (pants/skirt, underwear), and two upper-body (outerwear, innerwear). Female players have an optional third upper-body slot. Shoes (unless worn without socks), hats, glasses, and jewelry do not count.

Clothing counts as an asset, not as money. This means that the value of your clothes is not factored into the Income Tax. This rule is mostly to prevent shameless players from stripping right off the bat to get everything in cash. And, of course, as an asset, they can be used in trades. *As such, a player may possess multiple items to occupy a single "slot." However, the number of any item of clothing may not exceed the logical total for the group playing. For instance, if there are four people playing, there can be no more than four pairs of pants in the game; a player may only have two pairs of pants if another player has none. (Total Clothing Rule) Clothing may also be bought, sold and traded to the bank by any player.

Coda brought to my attention a rule I'd forgotten to mention -- I thought it seemed too obvious, but he has a point about it being a loophole -- clothing must be removed from the outermost layer to the innermost, and replaced in the reverse order. So if you lose your underwear, you cannot buyback your pants to regain some modesty for less than the cost of the underwear. The same goes for the upper body. Socks are, of course, exempt, as there is but one layer of sock.

(A few people I've bounced this game variant off of have favored an anything-goes policy for exchange of goods and services. Since I know not everyone would want to play this way, though, I'll make this rule very optional.)

Each piece of clothing is worth a Get Out of Jail Free card. In addition, each piece can be sold to the bank for a particular amount of money: with the exception of the socks, clothing closer to your skin is worth more. Clothing may also be purchased back from the bank for 50% more than the selling price. The following table shows the value of each article of clothing in increasing order of value.

Clothing -- Sale Value -- Buyback Cost
Socks (each) -- $60 -- $90
Outershirt -- $100 -- $150
Undershirt -- $200 -- $300
Pants/Skirt -- $300 -- $450
Bra [Female only (duh)] -- $380 -- $570
Underwear -- $550 -- $825

Just like regular Monopoly, if you run out of resources, you lose. But since it would spoil the fun of this being Strip Monopoly, players are not allowed to put all their clothes on and go away when they lose. (Not to say that they have to stay seated around the game, of course. Players who have lost are free to do whatever they wish, as long as they stay around and do not get dressed.)

Additional rules:

• The $50 jailbreak rule has been removed. The only way to get out of jail is with a Get Out of Jail Free item, roll doubles, or wait three turns.
  
• You may not perform bank transactions while in jail. This includes getting and paying off mortgages, buying back clothing, etc. However, transactions with other players, like rent paid to you and any sort of trade or bargain, are still fair game.
  
• If you roll doubles, you have an option: you may use the normal rule and gain an extra turn by it; or you may immediately reroll the dice. If you choose the latter and it comes up doubles again, you can replace any item of clothing for free (this gain is negotiable with the other players); if it is not doubles, take the new roll as your roll for the turn.
  
• As was suggested below by Coda, male players will start the game with an additional $190 -- a small boon early on to balance females' clothing advantage (which will become a larger monetary boon later in the game).