Shoot 50s is another way to tell somebody to shotgun a drink.
Shooting fifty is also done in a group activity at 10:20, followed by some one calling "10:20" and everyone else saying "30 40" then shotgunning a drink (shoot 50).
guy 1: its almost time to shoot 50s
guy 2: okay
~time 10:20~
guy 1: 10:20
party: 30 40
(everybody shotguns a drink)