Freak Flood in Peterborough

So, as the news would have it, there's a flood in Peterborough. After watching the news and being exposed to this little bit of information, I immediately ran to the phone to call Scott to see if he was okay. I'm a loser, I know. Anyways, there was no answer, so I'll try again tomorrow. Hopefully everything's fine and dandy (like sour candy). Heh, the news stated Peterborough has over 70,000 people currently residing in its boundaries. Crazy.
 
Anyways, I should be working as I type this entry, but, due to Nelly Furtado's low ticket sales, I was informed I'm only working Saturday’s concert--a concert featuring Rod Stewart. In a way this works out to my advantage; I have Sunday off and, because of this, Scott can come down or I can go visit him. That is to say he's allowed. If he can come down, I think I’ll cook him a special dinner. I’ll include candles and wine.
 
I wanted to weasel out of putting away the groceries tonight, so I seized the first chance to run out of the house. Katlynd and I went to the mall where she could buy clothes. We also ended up seeing Anchorman (a third time for me). This time, though, it was free; I have friends in the right places. Or friends who work at the movie theatre. I like saying the former, so I'll stick with that. I have friends in the right places. Yeah, there we go.
 
Duncan keeps pestering me for a hint about his birthday gift. His gift has a great anagram which is “pantywaist tool”. I used it in a hint and he thought I was talking gibberish. I really can’t wait to explain the hints after he receives his gift. I, being the nice person I am, gave him another hint awhile ago by saying his gift was “______________”, which has the exact number of underscores as his gift’s name. He didn’t clue in on that one as well.
 
…Can you guess what it is?