The 60-year-old television star was discussing the new Strictly Come Dancing lineup, saying she would never do the show as it would be "too much effort".
She then remarked she danced with Strictly professional Anton du Beke on the daytime show, but remarked that in the video she suffered a wardrobe malfunction and "flashed her pants".
Luckily a viewer managed to track down the footage, and the Loose Women were in hysterics after seeing the hilarious clip.
Anton lifted Carol into the air, but as he spun her around, her underwear and tights were on show.
The clip of Carol dancing comes after the ladies discussed the exciting new Strictly Come Dancing lineup, which includes their very own Ranvir Singh.
Announcing that Ranvir was taking part, host Andrea McLean said: "It is really, really exciting!
"So we've got Caroline Quentin, Clara Amfo, Max George, Jason Bell, our lovely Ranvir and Nicola Adams as well."
Carol appeared to "freeze" as Andrea joked: "I don't know if you've frozen or you're just speechless or gutted that it's not you."
McGiffin replied: "I've never really watched Strictly - as far as I'm aware it's often this big thing and I'm sure this year it will be even bigger because no one's had anything else to think about."
She continued while laughing: "No, I was asked to do it. I can't dance - I just couldn't work that hard, frankly!"
Good Morning Britain revealed that Ranvir is taking part in the new series of the dancing competition on Wednesday morning.
Entertainment reporter Richard shared the news himself after giving viewers the lowdown on those taking part so far.
he show then revealed the news and an explosion of firework sparklers surrounded Ranvir as she beamed towards the camera.
Piers asked her: "Have you danced?", to which Ranvir replied: "Only at weddings."
She continued: "'I'm very thrilled to be on it."
Loose Women airs weekdays at 12.30pm on ITV.