Piece it

1) To embrace one's inner Id and throw caution and inhibition to the wind; to embrace life in all of its possibilities; to stop thinking about the future and live in the moment.

2) To hang out; party; relax; have fun with another person or group of persons.

In a sentence:
1) Did you see that new Budweiser commercial? That guy totally pieces it and ends up playing ping-pong with Arnold Schwarzenegger.

2) Let's piece it this weekend at the beach; I've already got some tenderonis lined up.