Taken from
JoBlo.com with a special thanks for the wonderful rule set!

JoBlo Beer Pong Rules
1. No paddles allowed. Balls are to be thrown into the cups.
2. No matter singles or doubles play, only one triangle is formed at each end of the table made up of ten cups set up in a 1,2,3,4 formation. The triangle must be placed a vertical thumb's length from the edge of the table.
3. Each cup should be filled to the first rim on the inside with the exception of the middle cup in the third row; the Money Cup. The Money Cup is to be filled all the way to the top. You should never be using less than two (2) 12-oz. beers to fill your triangle.
4. A water cup should be placed to the side of each triangle for routine cleasing of the ball.
5. The loser of the last match OR the visiting team prepares the table according to the above rules.
6. The winner of the last match OR the home team shoots first.
7. The shooter must stand at a distance from the table so that his shooting hand does not exceed the front cup in the triangle. Should the shooter "fault" by crossing the front cup, he forfeits his turn.
8. Absolutely no intentional bouncing allowed. Once the ball hits any surface, the opposition may engage in a defensive move to prevent the ball from landing in the cup.
8a. "Defensive moves" are described as hitting, swatting or catching the ball in the air. Blowing the ball out of the cup is strictly prohibited. A properly blocked or defended ball results in a "miss" for the shooter and the turn reverts to the defneder. Blocked balls are not considered "open" and are not subject to debate through racing or wrestling over it.
8b. Pre-throw "defensive moves" (i.e., arm waving, exposure of ass, breasts or other private parts) are not expressly forbidden but the tactic is generally frowned upon as unsportsmanlike. Verbal taunting, however, is widely accepted.
9. If a shooter sinks a ball, the opposition must wait until the other shooter on the offensive side has a turn to properly match his teammate. Only once both teammates have thrown are cups to be removed and properly chugged.
10. If both players on a team hit their balls in the same turn, they are each awarded another turn. No extra bonuses for sinking the balls in the same cup or the Money Cup.
11. Players are required to chug the beer from any sank cup before they are allowed to begin their offensive turn. Drinking must be alternated between team players to avoid one being more sober than the other.
12. If at any time a member of either team, offensive or defensive, knocks over one of their own cups, that cup is considered sunk and must be removed from play.
13. If a thrown ball doesn't land in the cup but succeeds in knocking it over or off the table, that cup is considered sunk and must be removed.
14. Triangles may be restacked once cups have been removed but only upon verbal request from the shooting team at the beginning of their offensive turn. Formations to be restacked include six and three cups into triangles, four cups into a diamond and two cups in a vertical line.
15. Should a ball become damaged and unsuitable for use during play, the "fallen soldier" should be lit aflame with a lighter and evaporated.
16. If a ball lands in the water cup a "social" is declared and all players must cheers and drink a non-table beer.
17. Once a team hits the final cup of their opponent, the opponent then are returned the balls for two last shots. Should they succeed in tying the game, one cup is returned and filled to each side and the match proceeds in a tiebreaker.
18. The game can not be won on a knock-over, whether by ball or by human.
19. Once a winner has been declared, the losing team must first congratulate the winner, then proceed to drink the remaining beers on their side of the table in five minutes time.