Couldn't you just do the same thing with a beer and maintain the right to keep your nut sack?
I guess a lot of you didn't read the site about WHY the drink used is smirnoff ice. The whole point to using this wussy wine cooler drink is b/c it is just that: THE MOST WUSSY, DISGUSTING, GIRLY, AND SUGAR FILLED BEVERAGE EVER MADE!
It gives you the worst upset stomach after you chug and all the while your friends just stand there with their camera phones laughing and making an ever lasting moment of the whole shameful ordeal.
The whole point to this whole thing is to get your friends to look stupid. Ice them at work, Ice them when they wake up in the morning, Ice them while they are throwing up from a bad hangover...these are just some of the ways to degrade your buddies but have a good laugh at the same time.
Besides, if we played the game with good beer (say some dogfish or natty boh) then we'd just be wasting a delicious treat that is meant for sipping on rather than chugging. Once again, the reasoning behind the usage of smirnoff ice is because it is the most humiliating thing a man can chug. Hope this cleared up some cloudy thoughts.