You get about 3 to 6 people together. They all stand in a circle. Make sure everybody has a few beers ready. Then you play the song Thunderstruck by ACDC. One person starts to chug his or her beer until the word Thunder is said. Then the person next to him starts to chug. You just keep going around in a circle until the song is over. If a person finishes a beer then person next to them starts to drink. One person ends up getting screwed because in the middle of the song there is like a 2 minute guitar solo. 
Optionally, you can play where when a person finishes their beer, have to open another and keep drinking until Thunder is said again.
(Thanks Matt!)