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2.
To hang upside down on a clothes line pole whilst consuming copious amounts of beer from a barrel via a tapper hose. Closely related to the keg stand.
My roommate is insane, he just did an 80-second monkey chug!!

I was going to do a keg stand, but I opted for a monkey chug instead because I wanted to impress the ladies with my drinking skills and appreciation for primates at the same time.
by Milwaukee'd September 21, 2009
 
1.
The act of hanging upside down and drinking an alcohol-containing substance at the same time.
Dude 1: "Dude, why you hanging there with a beer in you hand?"
Dude 2: "I'm preparing for the wicked act of monkey chugging."
by Lench Mob December 12, 2006