Stavros had just fallen asleep when Nick proclaimed "Releasethe Kraken!!", proceeded to anally expel the gaseous yield of that night's Ouzo, and pulled the covers over his lover's head.
Brad: "Nice flavor savor Jake, looks like a hedgehog got stuck to your lip."
Friends: "haha!"
Jake: "I fucked your sister."
Friends: "Release the Kraken!"
To party excessively hard, generally involving the consumption of Kraken dark spiced rum, so that the ensuing photographs could legally constitute a form of blackmail.
"Man, we released the Kraken so bad that weekend. Jay was wearing a fairy costume and running around with his wang out, and Brian passed out in the outhouse. God, we were a bunch of fucking drunks."
(Release the Kraken)
When a female wants her man-friend to use his index finger and middle finger to shove in her vagina and use his thumb to massage the top of the vagina and use his tongue to flick the clit bring the female to orgasm very quickly. Very very quickly.