"Have you heard about a Japanese anime cartoon show called "Princess Princess"? It's about an all-boys school where several cute boys are chosen each year to be princesses, to do cheerleading in Lolita outfits  and hostessing special events in gorgeous gowns.  It's currently (as of 2006) airing on Japanese TV, and several  episodes have been put up on youtube.com - supposedly a live-action series is also being worked on."

http://pri-pri.jp

"Princess Princess was a comic, and is now a weekly series in Japan. Translation of the first part of the comic:
http://dragonvoice.org/dv_princessprincess.html

Now for the story:

Kuonu Tooru has just recently transferred to an elite all-boys school outside of town. Although the new kid, everyone seems excited to meet him. Kuonu discovers that the school has an unusual tradition of having the prettiest members of the class dress in drag and be the official 'princesses' of the school. The princesses are supposed to root for the teams and clubs, stage events during lunch and after school, and even pose in drag for photos, all in the name of keeping up school morale! The princesses are compensated for this, and thus Kuono, not wanting to be a drag >ptp> on his family agrees. He, along with two other classmates, are now officially the 'dreamgirls' of the school. Dressing as nurses, maids, pop stars, and proper ladies (the school's designer has a thing for Gothic Lolita fashion), the three will discover a bit more about themselves than a newly acquired sense of fashion.