Combing the word Gnarly & Gargoyle it is the act of perching on stoops and walls with a stern or menacing face as others pass. Very similar to Owling, but far more hip.
Hey bro wanna throw back some PBR's then go Gnargoyling?
The act of drinking yourself into oblivion and hunting for and sleeping with a Gnargoyle. This self-destructive behavior is usually initiated as a bet and is almost always only accomplished after the phrase "You've got no balls!" is said to the individual attempting this act.
Guy 1: "I bet you won't jump on that Gnarg, Guy2!"
Guy 2: "Fuck no dude!"
Guy 3: "Guy2's got no balls!!"
Guy 2: "Fuck you guys I'm going in for the kill"
Guy 4: "That was really easy to get Guy 2 to go Gnargoyling."