He kicked off his knickers in ''Old School'' and snaps on tights that would make Robin Hood blush in November's ''Elf.'' Up next for the SNL vet? Bell-bottoms!
''It's about local news circa 1975,'' reports Ferrell on ''Anchorman,'' which he penned with former SNL writer Adam McKay (making his directorial debut). Ferrell plays a TV guy gone loopy when a woman (Christina Applegate) joins his sexist staff. ''We're threatened by her and act like petulant babies,'' he says of the comedy, now shooting and due to open in 2004.
Ferrell can also count on the retro setting for some laughs. ''It's not totally about making '70s jokes, but it's hard to stay away from them.'' Especially when you're wearing a polyester three-piece.