Here's what my friends do:
Smash Bros:
Every time you lose a game, take a swig/shot.
F-Zero / Mario Kart:
Every time you lose a race, or fall off the course or get blue shell'd take a swig/shot
Borderlands:
If you're not getting shot at and you're not at least tipsy, take a swig/shot.
Mario Party:
Whenever you WIN a minigame or get a star, take a swig/shot.
Whenever someone screws you over and you want to get over the pain, drink whatever you need to. XD
...I miss doing that. We haven't had a part like that in quite some time.