Lesson number one: don't do this. Here we have an illustration of the immaturity of teenage boys, possibly influenced by the action movies they've seen and stunts performed by professionals with a staff ready for any contingency. These guys have an idea, but no contingency plan and little foresight.
The second part is a lesson in what not to do when you are on fire. Of course he wants his pants off, but the procedure is stop, drop, and roll, which works better when you're not soaked in gasoline. An alternate method is to smother the fire with a blanket or something. They didn't have a blanket, but his buddy eventually did the only thing he could, and smothered the fire with his body. This happened quite a few years ago, so we are pretty sure they are okay. -via reddit