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1. A hooded woven cotton sweat shirt popular amongst hippies and frat boys in the 1980s, often with the Corona beer logo printed on the front.

2. The top five cards off the deck, which must be beaten when only one player stays in in a drop or match-the-pot poker game. So named because five random cards are just as likely to beat you as the hand of a stupid hippie or frat boy. If a player loses to the Mexican sweater, then he must match the pot and the game continues.
Not so fast--you still have to beat the Mexican sweater.
by Siggie February 03, 2007
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