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It's like an 'olly olly oxenfree' for your bowels, stomach and bladder. An involuntary reaction that causes one to vomit, shit and piss himself. This most often occurs during level 5 drunkenness or sometimes while sneezing violently.

It's rumored that grafundalo is an onomatopoeia of the sound one makes during the ordeal, or that it is a bastardization of an Italian word.
"If you slam that bottle of rot-gut tequila after Taco Tuesday, you're heading for a grafundalo."
by Barry Regal January 26, 2013