The act of taking a cheap photo shot with your iPhone of a girlfriend/wife without her knowing.
Check out the ishot of the load I left on my girlfriends ass last night.
Taking a shot with someone via a webcam. Useful to get drunk with your bro who goes to school far away.
Or a fun game to play on chat roulette; see if you can get enough people to drink with you to get hammered.
"Yo Rangie, wanna take an iShot?"
"Hey you're not exposing your privates, wanna take a shot with me?"
"Hell yeah man, I need a drink"