This outdoor drinking game is a new one on me but I like the arts-and-crafts-meets-LARPing aspect of it. The men demonstrating it in this instructive video are connected to the band Death By Stereo. The Emotron posted this on Myspace.com. He referred to their game as the "West Coast version." The wisest wizard is the one who can tell me how the East Coast version goes.
If you really want to, you can watch The Emotron play a non-alcoholic version. Again, with the spewing of the Yoo-Hoo:
HERE Urban Dictionary has helped me out again. Perhaps, the jousting part is a burly Western addition.