A phrase used by people under the influence of alcohol, usually about to do something incredibly stupid. It says what it means: "Hey, hold my beer and watch me do this crazy stupid thing." Often used in group settings, like a college frat party.
Redneck 1: "Hey man, see that ropeswing? Let's tie it to an airplane and jet ski across the ocean!"
Redneck 2: "I wanna do it! Hold my beer and watch this!"