Any of the family of liqueurs popular with young, irresponsible drinkers, but especially Jaegermeister. Can also refer to Rumpleminz, Goldschlager, Tuaca or others, the imbibing of which soon thereafter leads to engaging in shameful and/or scandalous behavior, including: random, degrading sex, starting a fistfight about nothing (especially with a close friend or physically superior opponent), copious vomiting, crashing one's car, etc. Such behavior, once witnessed by/made widely known among one's immediate social circle, is instantaneously blamed on the ill-advised overconsumption of said liqueur.
"I should not have had those ten shots of Liquid Shame last night! After the fifth one I blacked out. Next thing I know I'm waking up naked next to some sea creature with the cops banging on the front door!"