play on words from the holiday cinco de mayo where the mexican town of puebla won a military victory over french forces. a relatively insignificant holiday to mexicans, especially in comparison to the day of mexican independence where there is much more emphasis and celebration among mexican communities in the united states. Cinco de Mayo, in short, merely acts as another holiday where people can party and get drunk. White people seem to like the holiday more than mexican immigrant families do, hence the name.
Can also be called Cinco de Drinko.
Charlie: Yeah, cinco de mayo let's party
José: güerro, we don't celebrate that
Charlie: Whatever, I'm gonna party and get smashed tonight
José: Just go celebrate Cinco de Gringo already