With a group of friends, everyone tapes two 40's of Malt Liquor to their hands. (Old English 40s are availible at the LCBO and is the "official" one, though there are also regular beer 40s). Race to finish both of them, you cannot cut them off your hands until they are both finished. Decide as a group if you can cut one off after finishing it or you need both to free up your hands again.
Edward Loko hands-As above, but with two 4lokos. Less liquid but higher ABV make this one very fun.
Edward Mickey hands- with 2 mickeys.
Edward Mini hands- With two mini kegs.
Shown in How I Met Your Mother, comes from way before that though, originating out of southern/western US universities such as U of A and U of South Carolina.
It should look like this: http://24.media.tumblr.com/tumblr_m9qik1CpZD1qbieblo1_1280.png