No, it doesn't mean flashing your ass in the cold, cold weather of Canada. Instead it signifies a month with two full moons. On the 31st of December, as this year and decade make way for another, there will be some party wolves howling at the full moon, much like that three wolves moon tee shirt.
In Toronto the CN Tower will have a special light show for the New Years Eve countdown and at Nathan Phillips Square there will be the CityTV New Years Eve Bash 2010 beginning at 9pm.
The event at City Hall will be hosted by Gord Martineau, Tracy Moore, Kevin Frankish and Dina Pugliese with a number of musical guests including "performances by Anjulie, Jarvis Church, Kardinal Offishall, Karl Wolf, The Mission District and the cast of Rock of Ages." (UPDATE: my previous list was so last year - thanks for the tip).
Getting home safely from the New Years Eve celebration can happen with the free TTC service which runs from midnite to 4am courtesy of the Toronto Entertainment Alliance.
The next day you can drop by City Hall and meet His Honour David Miller at the Mayor's New Years Day Levee from 11am to 12:30pm.