I mean the closest equivalent to the ball hanging out thing would be a woman with long enough labia wearing the same outfit and it hanging out the bottom but it's still not a direct equivalent seeing as those are tucked "safely" up inside
W-elll, some women do have quite long/large labia naturally, and then there's cultures where larger labia are considered more attractive, and so they deliberately stretch the labia (I'll leave the logistics of this to your imagination, or let you brave google on your own)
Not sure those qualify as jeggings. Jean-leg warmers, perhaps? Either way, it definitely doesn't qualify as fashionable, but that never seems to stop people these days
Why would you even do that? It's gonna get cold, and your boys are just gonna shrivel up anyways.