When you are in a state that is characterized by alcohol intoxication, "hitting the faucet" means to go to the nearest bathroom, turn the faucet on high, put one's mouth directly underneath, and drink until one can't drink anymore. This action is performed in an effort to curb the side effects of a hangover. One engages in this act instead of drinking out of a cup because, simply, there is no cup big enough for the amount of water one needs to drink when they're this drunk.
Tyler: Dude, I just drank beer number 12 and I have a lab at 8 a.m. tomorrow.
Robert: Just hit the faucet, you'll be good.
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