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1.
A very strong alcoholic beverage named after aviation grade gasoline. Usually made with the absolute cheapest swill available at the local store or bathtub. This stuff is the big guns of the party, and is generally not imbibed with groups of less than ten people. Great for group camping trips.

The drink is prepared in a large bucket full of ice to chill the concoction. specific mix varies from batch to batch, but is roughly:

Equal parts Vodka, Gin, and White Rum (around 3/4 of a handle of each each - almost 2 gallons when mixed all together)

About a half-bottle of Triple Sec Orange Liqueur, or to flavor preference.

Squirt of lemon or lime juice

Add blue food coloring until the mix is a pale blue - The color of aviation gasoline.

Please note that a drink such as Bombay Sapphire could substitute for both the food coloring and the Gin in one, but lets be real: if you're actually going to make this you probably can't afford the Bombay Sapphire.

Mix the ingredients and have fun.
Nate: "What's this AVGAS drink that you guys made?"

Josh: "It's a bunch of hard alcohol and some lime juice with a bunch of ice so it's kind of drinkable."

Nate: "That sounds intimidating. Can I try some?"

Josh: *Fills cup with pale-blue brew and hands it to Nate, puts on serious-face*

Josh: "Here. It's time for you to spool up YOUR MIND."
by Plasticmetal May 05, 2011
 
2.
Gasoline fuel intended for piston aircraft engines. It has a relatively high Octane number compared to fuel for road vehicles; AVGAS is usually 110 (110 LL) whereas road fuel is in the 89 to 93 Octane range.
"This damn engine pinks under load !"
"You tried running it on AVGAS ?"
by eighthofseven October 23, 2007