Pepperami is the name of a drinking 'game'. Its name is derived from the tasty meat snack although they are not connected in a any way.
The set up:
A group of friends are waiting to go out (either at home or in a bar). They are waiting for another friend or group of friends to join them before they leave. The waiting group are probably quite drunk by this point and are becoming restless.
In order to punish the latecomers they pour a glass/shot of alcoholic beverage and wait. When the others arrive they start chanting:
(prouncing it pepper-army) and dancing pointing towards the drink. The last person through the door must drink the shot.
Frazer: 'hey tris, we are going to be late, the train is delayed'
Tris:'oh no! thats terrible' *puts phone down* 'great guys, frazer is running late now we can pepperami him!