A team-based drinking contest. Opposing teams (usu. 5 members each) sit opposite eachother along a table. At the gun, the first member of each team drinks their beverage (usu. beer) as quickly as possible. Upon completion, each player slams his/her mug to the table, signifying that the next teammate can begin their drink, like a relay race. At the end of the table, the last team member (called 'the Anchor') must complete two drinks before play proceeds back through each team (the 'return trip') until the first player of the winning team finishes his/her second drink.
We were doing boat races last night at the Student Union building, but Pete had four shots before we started and he couldn't finish the return trip.