GlynMeek,
Yep - I have heard some crazy ones for that. A friend of mine thought it was a form of pantyhose, and that you are basically getting a wedgie. I exhaled beer out of my nose when he told me that in mid-swig a few years ago.
The Shakespeare is 'hoist', but hoisted would be accurate for a past tense application.
Do you remember if it was King Lear or Hamlet?
Steve