One of those classic endeavors that leaves everyone wet and drunk. Very high buzz factor.
Have everybody divide up into two even teams. Each team lines up opposite each other, preferably down a long table, or just sitting on the ground. Fill each glass full of beer and place in on the table in front of each player. The players can not touch their glass before they are allowed. The first players on each team start the game by drinking all of their beer and setting the glass back on the table. When the glass touches the table the second person drinks his beer and sets his glass on the table. This continues until the last beer is gone. The first team to place their last empty glass on the table wins. Wins what you may ask? Nothing.
Alternate version: each player has two glasses of beer. The race goes down the line and returns. That means the turn-around players have to drink two beers in a row.