When you are about to leave some place or go into a public place and you need to get rid of a beer or other alcoholic beverage quickly. You pass it around to the whole group and pound it.
Dude, we're almost at the gate, let's Fire Drill.
Usually seen on tourist beaches. Its when pubic hair peeks out of either side of a bikini bottom on an unkempt woman.
"Dude!...check out the Caterpillar on the chick in the red bikini!!"
"Ugh! Why did you make me look at that...she needs to get that shit waxed!!!"