Walrusing typically leads to immediate sloppyness, belligerent behavior and rediculous antics until the "walruser" inevitably passes the fuck out.
Recently it has grew to be a tradition of certain subgroups within fraternities to require and/or highly encourage new members to participate in walrusing absurd amounts of hard liquor the night they join the group. Current members typically participate in walrusing as well, but not to the same extent as the new members.
Alternatively, "walrus" can be used in its verb form. (see example 2)
2. You pussies haven't drank hardly anything, step up and pound this Jameson. You better walrus that shit until it's gone!!!