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4.
A pepsi challenge is when a girl bends over in the doggie style position while you sit behind her so she cant see you. You then finger her with your index finger in the vagina and your pinky finger(or ring finger)in the butt-hole. After doing this for a minute or two, you take your fingers out and she must smell them to guess which finger was in which hole.
She passed my pepsi challenge, she knew my pinky was in her butt-hole.
by Throbo Man31 May 12, 2006
 
1.
A sex game played with two black girls where they lay down naked next to each other and you go back and forth tasting each one until you determine the best tasting one. The challenger can be of any race, but the girls must be black like cola.
I did a Pepsi Challenge with Monique and Bianca last night and after several tests Bianca finally won.
by Johnny Bionic September 17, 2011
 
2.
The Pepsi Challenge has been an ongoing marketing promotion run by PepsiCo for the last decade. The challenge is designed to be a direct response to critics who allege that Coca Cola and Pepsi Cola are identical drinks, with no meaningful differences. The challenge takes the form of a taste test. At malls, shopping centers and other public locations, a Pepsi representative sets up a table with two blank cups, one containing Pepsi and one with Coke. Shoppers are encouraged to taste both colas, and correctly identify which is Pepsi and which is Coke. If they can correctly identify the two, they win a prize. The implication is that Pepsi tastes better than Coke, and thus its distinct flavor can be easily identified in a side-by-side challenge.

Referenced in Pulp Fiction, an excellent movie.
"Excuse me sir, would you like to try the 'Pepsi Challenge'?"
"sure, why not....hey, what the fuck? These taste exactly the same!"
by DefaultBlur October 15, 2005
 
3.
Pepsi Challenge – To know your product is the best. - Coined by Quentin Tarantino in Plup Fiction with dialog between Eric Stoltz and John Travolta.
LANCE
...people who know the difference between good shit and bad shit, this is the house they come to. My shit, I'll take the Pepsi Challenge with Amsterdam shit any ol' day of the fuckin' week.
VINCENT
That's a bold statement.
by baron S July 25, 2005