The act of putting everything on the line, in order to enjoy a night of heavy gambling and large alcohol consumption
This word was derived in Australia by a real loose cannon some years ago and, since then, has become part of the local culture. The typical "Mischjay" is short, stocky and passionate about women.
"Oh shit,not another phone fund transfer, mischjay" and "Mischjay, you are back mate, warn Sydney the next time you cut this loose" "Mischjay, got kicked out of the casino...again" "Are you mates with that guy, Mischjay? He's as short as Tom Cruise, fuck me, he's got some fire in the belly though"