To sacrafice yourself by feigning interest in the hot girl's/guy's fat/ugly/annoying friend. Generally done while going out with a group of people, as it would be senseless to fall on the grenade solo.
see also fall on the grenade, jump on the grenade, sit on the grenade.
Rupert: Thanks for taking the grenade last night, man. It was totally sweet hooking up with that really hot girl. How was hooking up with her ugly friend?"
Cornelius: Not so bad once I got the brown paper bag over her head.
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The act of flirting or having sex with an ugly member of a group so that the way is cleared for your friends to access the more attractive members of the group.
The responsibility of a "wingman".
Ok Joe, you'll be taking a grenade tonight with the crazy one so I can get with Collette.