Noun: A shot, hit, swig, etc. Can apply to drinking, smoking, doing drugs, having sex, or whatever else can be found at parties
Verb: To consume the item that is in one's hands
"Yo man, your turn to chance the weed."
"You got your Vodka, I got my Tequila. Let's chance this!"
"I think you should chance that entire 40."
"She's passed out on the couch: go chance that!"