Well yeah, no, not really. It means ball. "Pelotas" with an S, as an idiom, is sometimes used to mean naked, but only if you kind of qualify it by saying "he/she/it was" before the word. If you entered a room in Spain and just said "pelotas, pelotas, pelotas" people would think "balls, balls, balls", not naked naked naked. You'd have to say "estaba en pelotas" (he/she/it was in...) to change it from a noun to an adjetive.
On Footnotes of Mad Men: The Fathers of Madison Avenue
Well yeah, no, not really. It means ball. "Pelotas" with an S, as an idiom, is sometimes used to mean naked, but only if you kind of qualify it by saying "he/she/it was" before the word. If you entered a room in Spain and just said "pelotas, pelotas, pelotas" people would think "balls, balls, balls", not naked naked naked. You'd have to say "estaba en pelotas" (he/she/it was in...) to change it from a noun to an adjetive.