1. Derived from German ("five liter day"), a phrase describing a the plan to drink at least 5 liters (1.32 gallons / 176 fl oz) of beer on a given day, which is widely considered the perfect amount.
2. May also be used as a verb
1. Kevin: "Guys! 5-Liter-Tag today, ja?"
Everyone: "ok" *starts drinking*
2. Manuel: "Dude, i'm totally gonna 5-liter-tag today, bro!"
Victor: "Oh, sweet. It's lit!"