The act of stealing and drinking other people's beer, usually the ass. Most commonly found with half finished cans on the beer-pong table and if you have no self-respect, out at a bar. Usually the "racoon" is heavily inebriated and is only interested in consuming more beer.
"What the fuck? Where's my beer? I told you to watch it!"
"Sorry dude, some guy came out of the shadows and started raccooning beers left and right, he got like 4 of em.
Friend: "Shit, Jimmy left the tailgate in order to see kickoff, and he locked the beer in the car"
You: "Time to go raccooning. I think I saw an F-150 parked a few spots away"
****
Fan #1 (leaving the stadium): "That was a great game"
Fan #2: "It sure was" (making his way to an unattended cooler)
Fan #1: "While you are raccooning, I will be taking a piss. Raccoon me that bag of chips while you are there"