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1.
This is a 101 proof peppermint schnapps. It comes in a cool "frosty" looking bottle and is relatively cheap at about $16 for 750ml (fifth).
Ice 101 will get you very drunk, very fast.
by o ReVelatioN o February 06, 2008
 
2.
A 101 proof peppermint schnapps consumed by gay college boys who want to get fucked up, but don't have a lot of money because they spent it all on cocaine and glitter. They think that the peppermint flavor will cover up their nasty breath from sucking large quanitities of cock, when in actuality it just makes them look like a hot drunken slutty mess.

If you see someone drinking it, they will go home with you even if you are fat or trashy.
"Oooo gurrll, did you see Kyle stumble into Todd's room last night? She needs to close her legs and lay off the Ice 101, cause I am not driving her to the clinic to get tested AGAIN."
by Deege2178 January 06, 2012