copius amounts of beer such as Molson Ice, LaBatt's Blue, Miller High Life or whatever your favorite brand is.
some sort of modern console system like a GameCube, PS2, PS3, Wii, Xbox, or Xbox 360 and a nice, large TV set.
your favorite EA Sports title(s). NCAA Football, NCAA Baseball, NBA Live, Madden NFL, NHL, MLB, FIFA, LaCrosse, NASCAR, or Rugby.
Many variations exist. You can let the computer control the teams or you and your friends can play. For example, if you're playing NBA Live, one must drink a can of beer every time your player gets his shot blocked. Or if you're playing Madden or NCAA Football, interceptions and/or touchdowns require a drink. Many variations and rules can be created.
It's also fun to let the computer control the teams and then bet on the outcome. If you're a Fighting Irish fan, bet your friend $5 that the Irish can beat his beloved USC Trojans. It's fun.
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Oh my... teenagers...
I can so see this going wrong. Keep your viedo cameras handy. This is bound to generate some good Youtube videos.