A phrase used by Dimebag Darrell about alcohol. You either drink it, or you get soaked with it (wearing it).
From LA Ink:

Kat: "Oh, you wanna put that lettering in, right?"

Rita: "Drink it or wear it. And he meant it; if you didn't drink it, he threw it on you."

Kat: *laughs*
by Insert unique name here January 9, 2011
Get the Drink It or Wear It mug.