Similar to a keg stand, a pink taco stand is when two girls have their vaginas pressed up against each other and someone is eating them both out, then the licker's friends hold his or her legs in the air.
This involves 2 girls and several men. The first girl will stand on her head and insert a whole bottle of Tabasco sauce in her anus, the other girl will be on her knees next to her. The men will line up and dip their penis's into the girls anus and then move to the next girl and have her lick the sauce from his penis and testicles.
Fill a shot glass with the cheapest tequila available, lick a spot on your wrist, liberally apply salt and cumin to said spot. Lick off cumin/salt mix take shot; chase with hot sauce.