1) A gathering of men (mostly married, mostly old enough to vaguely remember the original Pong
) for the purposes of drinking heavily and playing videogames (of the modern PS2/Xbox variety, not ACTUALLY Pong).
2) The extension of this gathering to include other fun, errr, boorish activities such as viewing of pornography and/or visiting of strip clubs.
3) See #2 above, except without videogames and with women instead of men, clothing optional. (Hypothetical.)