A code word used for hard liquor. Ideal to keep the subject matter of your conversation discreet, and also at the party when you've consumed enough "puppies and sunshine" that the mere phrase makes you giggle.
Person A @ work: Hey man, what'd you do this weekend?
Person B @ work: It was all Puppies and Sunshine...
Person A @ party: Heyyy man, wantz sum more Puppies and SsunSshine?... (Person A subsequently falls into a deep sleep).