A shift supervisor at my old workplace used to play a variation on this with his mates after a night out on the lash.
They called it the Fiery Bum Game. It was pretty similar, except there was no standing on the table, the bit of bog roll was quite a bit shorter and you had to run a set distance rather than down a pint. If you didn't make it you got a cheerful kicking.

It was more for shits and giggles than as an initiation ceremony though.
( The Mock TurtIe ™ --- Thinks you are a cunt, on, Mon 18 Feb 2013, 18:22, Reply)