The act of being drunk yet oddly perky at the same time. The perkilated person will hug everyone at the party, dance on tables, makeout with the opposite sex (or in case of girls the same sex) and sleep with strangers all in the same night. Usually you can acheive perkilation through cheerleader drinks, such as redbull and vodka, or smirnoff ice.
Becky is so perkilated she doesn't realize she just made out with her ex-boyfriend at the bar.
Steven has been saying he loves you and hugging everyone all night, he must be perkilated.
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