While drinking an alcoholic shot, the act of clinking your glass with a partner, sinking the glass to the table, then raising and drinking the shot.
Konefes invented "clink sink drink" while taking a particularly tasty shot of vodka.
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Drinking an alcoholic beverage, usually beer, at the same time with two or more people at the beginning of a social party/drinking game. Commonly used at the start of flippy cup, drinking a shot with others, etc.
Ready, Set, Go. Clink Sink Drink. (beginning of flippy cup)
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When drinking a combination shot, such as an Irish Car Bomb, or vegas bomb, where there is a small shot glass full of booze, and a pint glass half full of beer or red bull; the entire shot is consumed by dropping the small shot glass into the half full pint glass, typically preceded by a cheers. Thus Clink: raise and tap shot glasses, Sink: Drop shot glasses into pint glass, and Drink: Consume the entire beverage.
I bought a round of Vegas Bombs for everyone! Let's Clink Sink Drink!