A pronoun used to name any liquid, but most often used when refferring to alcoholic beverages consumed with the intent of getting drunk. Depending on the tone in which it is said, it can be used as a substitute for the word "alcohol." This is effective because an outside listener will not be able to be one hundred percent sure whether the user is talking about alcohol or not.
"Get some chugables for tonight." (get some alcoholic beverages that we can get drunk off for tonight)
"Dude, I am super thirsty, lets go get some chugables." (I am super thirsty, lets go get some water/juice/non alcoholic beverage)
If a police officer is lurking nearby, one could say "Hide the chugables." (hide the alcohol)