The object of the game is not to have the lowest card at the end of each round. (Ranking : Low to High : Ace,2,3,4,5,6,7,8,9,10, Jack, Queen, King) The dealer deals each player one card face down. Each player looks at his card. If it is a King he immediately flips it over and places it in front of himself. (The reason will become apparant later).
Each round begins with the player to the left of the dealer, keeping his card or trading with the person to his left. Play proceeds in a clockwise manner with each person either keeping the card dealt (or traded) to him, or trading with the person on his left. The dealer, who obviously goes last, has the option of either keeping his card or taking one from the deck.
A flipped King cannot be traded for. Thus, the person to the right of the King is semi-screwed if the card that he was dealt (or was traded) is a crappy one, since he is stuck with it for the round.
Another way people get screwed is when they decided to trade and get a lower card from their neighbor. The neighbor then typically smiles meekly and says that he likes his card and does not want to trade with the person on his left. Typically, unless others in the round have really crappy cards, they too will elect not to trade.
Since the dealer can always trade with the deck (i.e. he is the last to go and can't get stuck next to a King), he is at an advantage and so the deal rotates after each round.
After the dealer makes his choice (keep his card / pick from deck), all cards are flipped and the low takes a big swig of beer (or shot). If there are ties, all losers drink.
Let me give some examples to show you how things work...Four Players Seated Thusly:
Player B Player A Player C Player D
PlayerA : 4 (Dealer)
PlayerB : 10
PlayerC : 2
PlayerD : Jack
PlayerB has a 10 which is a good card, so he doesn't trade.
PlayerC doesn't want his 2 so he trades it to PlayerD and gets a Jack.
PlayerD doesn't want the 2 so he trades it to PlayerA and gets a 4.
PlayerA doesn't want the 2 so he picks a card from the deck, a 6.
PlayerD is low with a 4, and drinks.
PlayerA : 2
PlayerB : 6 (Dealer)
PlayerC : 4
PlayerD : Queen
PlayerC doesn't want a 4 so he trades it to PlayerD and gets a Queen.
PlayerD doesn't want a 4 so he trades it to PlayerA and gets screwed with a 2.
PlayerA knows that he traded a 2 to PlayerD and will not be low even with a 4. Therefore, he stays.
PlayerB sees that PlayerA stayed. This makes his 6 look pretty good (since there has been some screwing going on by player A) so he stays as well.
PlayerD is low with a 2, and drinks.
PlayerA : King (Flipped)
PlayerB : Jack
PlayerC : 5 (Dealer)
PlayerD : Ace
PlayerD doesn't want the Ace, but has no option; PlayerA has flipped a King!!
PlayerA flipped a King and sittin' pretty.
PlayerB has a Jack and ain't too worried, he stays.
PlayerC sees nobody trade, secretly cusses out PlayerB for not having traded with him and gotten screwed with his 3, and decides to take a card from the deck. Unfortunately this card is an Ace.
PlayerD and PlayerC tie with Aces both drink.
Although it took me a while to explain, the game is rather easy to learn and the rounds go by quickly, so it is quite effective at warming the joint up. Also, since only one card is needed per player, many people can easily play with one deck. In fact the more the merrier!