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1.
Inspired by the 2008 film "There Will Be Blood", the phrase "I drink your milkshake!" is used to indicate oneupmanship or getting the better of someone.
Did you see that dunk? He drank his milkshake.

You want a piece of me? I'll drink your milkshake!
by Jason W. Miller February 18, 2008
 
2.
Inspired by the Daniel Day-Lewis tirade in the final scene of the film There Will Be Blood, in which Daniel Plainview explains to Eli Sunday how he has managed to rob and cheat him out of an oil fortune.

1. To totally dominate someone
2. To cheat someone out of everything they have
"No one was surprised when the Reds drank the Cubs' milkshake."

"Don't mess with me or I will drink your milkshake."
by Charles Wilton October 23, 2008
 
3.
to cause harm to another person (usually physical)
john:did you see the fight at dude's party last night?
jesse:yeah, zafo drank that boy's milkshake.

"i drink your milkshake! i drink it up!" *beats someone to death with a bowling pin
by othx1138o May 14, 2008