This is when a child, surrounded by sea-faring men, is thrown into a pool.
The child is then rapidly chased around the vicinity, and then violently violated.
Mustard must be involved at some point.
The winner is then crowned.
All rejoice.
***Also, there are many key stipulations to the execution of a formal 'launch the octopus.' They are as follows: the child must not be an actual child but an inanimate stuffed animal so that this is not a morally-reprehensible activity; 'sea-faring men' included but are not limited to men, women, folks of all genders working in piracy, fishing, surfing, sailing, or internet architecture only; the crown must be a Burger King crown; the water in the pool must be mostly Kool-aid; everyone has a fun time; it is a wild ritual of lust, dust, gust, mustard, and whimsy; no muppets may be involved.
Yo, did you see those seabros 'launch the octopus' yesterday before the Penguins vs. Blumpkins game?!?! Ahhhhhhhhh! It was supa dupa cray, bae!