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Hold My Beer, Watch This

A phrase used by people under the influence of alcohol, usually about to do something incredibly stupid. It says what it means: "Hey, hold my beer and watch me do this crazy stupid thing." Often used in group settings, like a college frat party.
Jimmy: "Hold my beer, watch this!"
Jacob: "Hide the sharp objects, Jimmy's about do do something crazy dumb!"
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Hold my beer and watch this! 

Redneck's last words
Redneck 1: "Hey man, see that ropeswing? Let's tie it to an airplane and jet ski across the ocean!"
Redneck 2: "I wanna do it! Hold my beer and watch this!"