A binge is an event in which a group of people gather in a house to take a high volume of drugs and / or alcohol and generally get off their tits.
A binge conspiracy theory is an event in which something strange, obscure or mysterious happens. Due to the lack of sleep and / or generally being fucked, the congregation of people have to discuss the events (often making jokes) to deduce theories as to what has happened in reality and who has caused it.
The 'strange mysterious event' is often something extremely simple caused by someone misplacing an object, but the confusion is intensified by everyone being off their heads.
Binge conspiracy theories are often shortened to the initialism 'BCTs'
Binge Conspiracy Theory - BCT:
Someone empties a full bottle of cordial into a jug, leaves the jig and takes the bottle. Everyone then notices but the culprit could be anyone in the room, and the group have to create theories as to what the fuck has just happened.