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A foreshortened name for going to Quaker Steak and Lube, and getting blazed to such a degree that you actually barf. Auxiliary actions may or may not include: ordering milk as your drink, not actually eating any food, not being able to speak.
"Hey man, how was last night? I heard you went to Quaker Steak and Lube with some guys?"

"Yeah man, but this one guy ended up doing a Quaker Bake and Puke, he made a mess everywhere in the bathroom."
by Sequester Grundleplith MD January 18, 2013