The mythical consumption of both beer and pot at the same time. However, you are not allowed to drink the beer and smoke the pot; it has to be done in one simultaneous action. Hence the word, "beerpot" not "beer and pot."
big stick: yo stanky P we gettin crunk tonight?
stanky P: you don't even know bro, i got the Beerpot ready in the basement.
A guy with a beer gut who walks around with it bulging out of encrusted towel, who also sports a longtoilet-blonde mane of hair, which he constantly runs his fingers through.