i] A colourful layered cocktail made of white rum and various fruit juices where over half the concoction is rum. Used to get you drunk quick in times of desperation such as your lame housemate throwing a houseparty.
ii] Can be expanded to include all drinks when said in a quizzical tone, for it is an amusing term.
Danica: You want some frum?
Jade: Sure! What's in it?
Danica: Well it's basically just pure rum...with a hint of fruit juice.