To go for a night out away from your home town without having anywhere to stay the night, meaning that you have to Pull a chick and stay at her place or die of cold when sleeping rough.
Basically named after the most basic rule of parachuting.
" PULL OR DIE"
-"You fancy coming to Leeds with us tonight? The train leaves Preston at 7 tonight"
-"Yeah, I'm up for that, where we crashing though?"
-"Fuck that mate, we're all going Parachute Rules"
-"Shit! Pull or die? Better go and put a vest on just in case!!"