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1.
Something drunk by people who can neither read nor spell.
Presumably tastes similar to the non-fictitious beverage Jägermeister, with which it shares its pronunciation.
Guy 1:"Dude, i just totally drank some yagermeister. WOOOOO!"
Hermann Goering, Reichsforst und Jägermeister:"Its spelled Jägermeister you culturally insensitive prick."
by The Impossible Count August 18, 2009
 
2.
Strong alcolholic drink that knocks you on yer ass! Tastes a little like black licorice, and can be mixed with red bull to enhance your boozing pleasure.
"I spent last night with my buddy Yagermeister. Woke up in a FUCKING VAN!!! No idea where I was."
by Voodoo Child 15 April 15, 2008