OK, so I went to IU (Indiana University) and this is sort of our thing thanks to Nick's English Hut. We play some serious Biz.
Sink the Biz is a game where you float a small cup (the Bizmark) in a bucket filled up with beer. Everyone who is playing gets around the table with glasses of beer. The players have to pour beer from their glass into the smaller floating glass. Once a player has finished the next person (clockwise) pours their beer. This goes around the table. Whoever causes the Bizmark to sink, has to pull it out of the bucket and chug it.
That sounds easy, but there is more. When pouring from the players glass into the Bizmark, the stream must be continuous from the lip of the glass to the bottom of the Biz. Once you have finished pouring, you count to 3 and if it sinks before that you have to drink it, if it sinks shortly after the next person drinks. We call that the assassination.
Not everyone will have the official set like I do, but it can easily be played with any bucket and a small glass. Try this at your next party for something a little different, but a lot of fun.