With reference to There Will Be Blood and the infamous "I drink your milkshake" quote:

So, yeah… Seriously. What the hell is the milkshake thing?

“As I understand it (NOT having seen the movie), and to cross two memes together, “I drink your milkshake, I drink it up!” is a way of saying “I have inflicted massive pwntangage on you.” He might belong a base or two as well.

I do not know if there is a milkshake present that the pwntanged individual was drinking, and whether or not said hypothetical milkshake was indeed drunk a la Jules Winfield.

But that seems to be the gist.” — Jay

Taken from Pajiba's Eloquent Eloquence weekly comment awards.