there used to be a Geocities page with that image, and it said that it came from a Silicon Graphics party of some sort. There were dozens of suggested captions, including my favorite:
"[five seconds earlier] What's haggis?"
The shirt the non-puker is wearing is from Fitchburg (MA) state. Some schools are party schools, and some are drinking schools. Fitchburg is a drinking school. One of the few places i almost got arrested. Good thing "campus security" was former mil and liked my green card.