Well, to my understanding, the "Full Monty" is basically, in the context of this movie, revealing ALL, or GOING ALL THE WAY! While some strippers bare everything down to their boxers, doing the "Full Monty" is to strip till you have no clothes on.
So, basically, in word...
NAKED!
Hope that helped :-)
Just to clarify what others have said - whilst the 'Full Monty' can mean stripping right down to nothing, it does basically mean 'the whole way'. So if you are a waitress, don't be offended it a customer asks for 'The Full Monty' - they are just asking for all the possible extras with their food - for example, a full English breakfast, as opposed to just eggs and bacon.
I'm anespeptic, frasmotic, even compunctuous to have caused you such pericumbobulations...
The full monty basically means complete or the whole thing. It is term used a lot in england and not just for stripping!
shareOne theory is that it's supposedly to do with Field Marshal Montgomery (WW2) and the fact that he ate large breakfasts (everything he could eat) before going into battle, so when people have everything they possibly can (like stripping as far as they can possibly go!) they're having the 'Full Monty.'
http://www.rutlandweekendfilms.co.uk
I'm assuming by now that you know what the phrase means since it has completely penetrated (no pun or anything else intended) the American English lexicon.
shareIt does not mean getting your tackle out. It means going all the way.
Several cafes in England have Full Monty breakfasts (long before the movies came out) and none of them involved cock (unless you counts fried egg!!!)
I used to go to a club in Winsdor called The Full Monty because they were 'hard core' (it sounded better back then).
The term is generally believed to have its origins just after WW2. When British servicemen were 'demobbed' out of the army,navy etc. they were given a voucher for a suit of clothes. They would take this to a high street store called Montague (Monty) Burton (later just Burtons) to be fitted out with their clothes. To take all the clothes that were offered under the voucher scheme was described as having "The Full Monty". The term has, over time, come to mean "everything" in just about any context.
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