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1.
To pull a guy's pants down with underwear when he's drunk. (E.g. Jeans without a belt)

Rich gave Kiel a kegging in the middle of the bar.
by WarringtonSavi February 12, 2009
 
2.
This is to pull a persons trousers/ shorts down with the element of surpise. this could be just trousers or both trousers and under garment, with the latter being the one with the most amusement.
for example bendover experienced a good keggings, thus the bell end was christined!
by Russel A April 03, 2007