Firstly you need to find a small object that can be passed easily between players. This can be absolutely anything, such as an empty beer bottle. This item is 'the Wot-le-wot'.
The first player (let's call them Player A) takes the Wot-le-wot, presents it to another player (player B), and says 'this is the Wot-le-wot'. Player B must then respond with 'the what?', to which Player A replies 'the Wot-le-wot'. At this point Player B says 'ah the Wot-le-wot', and takes the object from them.
Player B then presents the Wot-le-wot to another player (Player C) and says 'this is the Wot-le-wot'. Player C responds with 'the what?', and Player B must then ask Player A 'the what?', to which Player A responds 'the Wot-le-wot'. Player B then turns to player C and says 'the Wot-le-wot', at which point Player C says 'ah the Wot-le-wot' and takes the object.
The game continues in this fashion, with players asking 'the what?' all the way down the chain back to the original player, and then saying 'the Wot-le-wot' all the way back up the chain to the new player.
Players are free to present the Wot-le-wot to the player who last gave them it, or to players who have already been given the Wot-le-wot. If a player makes a mistake or hesitates for too long they must drink, and the game starts again.