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1.
"Piss" is a term long used in the UK and more recently in Australia for (generally weak) alcoholic beverages. Pissing the night away is an idiom that means drinking alcoholic beverages all night. It has nothing to do with urinating, as one would assume in the United States.
My friends and I spend our weekends pissing the night away.
by FireTater February 28, 2009
 
2.
For one to drinks tons of alcohol and whenever they get done piss the rest of the night
Man Aric is so damn drunk hes just going to be pissing the night away like its no ones business.
by loolur June 20, 2008