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Slang for Natural Light beer, a cheap, poor-tasting beer made by Anheuser-Busch.
Lagers made by Anheuser-Busch in order of refinement
1)Michelob
2)Budweiser
3)Busch
4)Natural
and since Light beers are the crappiest of all brands, Natty Light is the worst beer they make, which is why it costs 30 cents and college students drink it all of the time.
They also make O'Douls, Hurricane 40's, King Cobra 40's, and Tequiza.
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