A Separate Peace (2004)

Boys are shown swimming in their underwear several times

A boy wears a pink shirt. Another comments saying "Don't you think people might think you're..." But he trails off, implying that the shirt looks gay. The boy is not gay though.

A boy accidentally wears a tie around his waist instead of a belt. He says "It's good I wore something. I could have lost my pants right here." They laugh. No sexual innuendo though.