Reminds me of a game I know:
Everyone has an empty cup and arranges them around a middle cup. You have two drinks, one to chug and one to sip. The sip one is usually stronger, but feel free to get crazy n shit.
You flip a coin and try to land it in one of the cups. The person whose cup you land it in has to take a sip. If you land it in the middle cup, everyone has to chug their drinks and whoever finished last has to chug again.
Everytime you hit the middle, the loser gets to introduce a new rule into the game, such as bow before you drink, etc. If rules are not upheld, you drink again (or chug again, you don't want that).
Everyone loses.