And of course, Channing can relate, as he participated in a real-life stripper convention.
"I have no idea why it's called a convention," he says. "The 'convention' was not strippers peddling stripper technology or anything like that. It was just a big show with 50 to 70 strippers and 2,000 to 3,000 women. It was crazy. They attacked me every night."
But there's one particular incident from his stripper days in the late 1990s that he can't quite forget.
"[One time, while giving a woman a lap dance] the lady goes, 'Oh my God! Look at you! You remind me of my nephew!' -- and then grabs me," he recalls. "It hit me like a hand grenade. It was like tick, tick, tick, boom: She's grabbing my butt and saying, 'You remind me of my nephew.'"
Awkward -- and slightly disturbing -- stories aside, Channing reveals he actually didn't make that much money stripping, despite his obvious good looks.
"On a good night, 150 bucks ... Not as much as you think," he says. "On a bad night, 70 bucks — even 50 at times."
In the candid new interview, the 34-year-old actor, who was 19 years old when he started stripping, also admits to experimenting in drugs.
"I wouldn't say I was losing myself in drugs because I wasn't doing anything habitually," he says. "Just experimenting. Experimenting, I would say. Never the big ones -- crack or heroin. I never OD'd or anything. Never."
Though he did try cocaine.
"Maybe a couple times, but that was later," he admits. "Drinking was probably the biggest [thing]. I didn't look at drinking as a problem. It wasn't at that point, and I still don't think it's a problem. But at that time in my life, it was, 'Let's go out and have a great time.'"
But stripping wasn't all fun and games. The Foxcatcher star says his father was actually disappointed in his choice to strip for money -- a decision he only found out about by watching his appearance on The Ellen DeGeneres Show in 2010.
"We were walking together, and my dad said: 'Why? You didn't need the money. We always provided,'" he shares. "[It] broke my heart. I told him it had nothing to do with him. 'That was my road. That was the road I had to take.'"
But whatever his father's feelings about his past, clearly, that road has more than paid off. Magic Mike was a huge hit in 2012, and the sequel -- which welcomes new faces like Michael Strahan and Jada Pinkett-Smith -- is only set to get bigger.
Check out Channing revealing to ET that there will be "a lot more skin" in Magic Mike XXL, out July 2015, in the video below.