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Typically it means going out for a round of drinks of 1-3 beers, not quite reaching a state where one would be buzzed or tipsy.

Generally though, going out for a round of light drinking turns out to be a session of heavy drinking where all plans of staying sober are forgotten.
"Let's go out for some light drinking", "ya right, every time we go out for light drinking, we end up getting plastered"
by iceb February 27, 2009
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