Nigger Water
1. Alcoholic drink generally made by white high school underclassmen by combining a little bit of booze from every bottle in Daddy's liquor cabinet into a pop bottle, so he won't notice he's missing any.
2. The cheapest possible booze, purchased by a bum for underage kids, so the bum can keep more of the money.
1. "Nigger water is nasty, I can't believe we used to get all excited about drinking it when we were freshmen."
2. "Dude, I gave that bum a twenty and asked for some Absolut, but he only got me Five O'clock Vodka." 
- "Come on, did you really think he'd get you anything besides nigger water?"