These are the Official Kingston, Ontario Individual rules, copied from their page. I think they will suffice and will allow us to rank on their World Record list.

       1. Each competitor drinks four cans of beer and completes four laps
          (Start - beer/lap, beer/lap, beer/lap, beer/lap - finish). 
       2. Beer must be consumed before the lap is begun, within the
          transition area which is the 10 meter zone before the start/finish
          line on a 400m track. 
       3. The race begins with the drinking of the first beer in the last meter
          of the transition zone to ensure the comptitors run a complete mile
          (1609 meters). 
       4. Women drink three beers in four laps and start the race by
          immediately running the first lap. ie. no beer is consumed before
          the first lap. 
       5. Competitors must drink canned beer and the cans should not be
          less than 355ml (the standard can volume in Canada) or 12oz (the
          imperial equivalent). Bottles may be substituted for cans as long as
          they are at least 12 oz (341 ml) in volume. There has been no
          evidence that standard beer bottles pour quicker than cans, but we
          recommend the use of cans whenever possible. 
       6. No specialized cans or bottles may be used that give an advantage
          by allowing the beer to pour at a faster rate. ie the new "mega
          mouth cans" or "wide mouth bottles" are prohibited. 
       7. Beer cans must not be tampered with in any manner, ie. no
          shotgunning or puncturing of the can except for opening the can by
          the tab at the top. The same applies with bottles - no straws or
          other aids are allowed in order to aid in the speed of pouring. 
       8. Beer must be a minimum of 5% alcohol by volume. 
       9. Each beer can must not be opened until the competitor enters the
          transition zone on each lap. 
      10. Competitors who vomit before they finish the race must complete
          one penalty lap at the end of the race (immediately after the
          completion of their 4th lap). Note: Vomitting more than once
          during the race still requires only one penaly lap at the end.

Here are the proposed team rules and NESCAC ammendments (as of 4/16):

       1. Women will drink 4 beers, just like the men.
       2. Team score will be determined as the sum of points
          accumulated by the top five finishers (top seven displace) from each
          team. "Points" will be defined as: 1 for the last finisher,
          2 for 2nd to last,..., (# of finishers) for 1st.  This will yield the
          same team score as a cross-country style race would, but give points
          to any team that has a finisher.
       3. Mens' and Womens' champions will be crowned separately.
       4. The Open Championship is open to ALL.  However, team scores
          will only be calculated for those affiliated with the school
          (alumni, family, coaches, pets).  Up to 7 (either gender)
          can score per team.
       5. The team cup presented to the winner of both the Mens' and Womens'
          championships will go home with a single team and switch possession
          EVERY NESCAC championship (outdoor track and cross country) until
          another beermile is held (each year?).
       6. The order of events will be first, the Womens' Champs, with
          unlimited entries, then the Mens', then the Open.
       7. If there are more than 60 participants for any one race,
          more than one heat will be formed (each team will have to decide
          how to split the squad - half must perform in each).
       8. Each team will be assigned judges from at least two other schools
          that can officiate exchange zone and drinking method violations
       9. If the officials judge that a can was not finished before
          the competitor exited the exchange zone, they have the right
          to spontaneously impose a 5-30 second penalty the following
          lap, and only the following lap.  If this occurs on the last,
          the penalty will be added to the time.
      10. Belching is legal, as is spitting, but anything more than saliva
          warrants a penalty lap.
      11. Though vomitting more than once in a race only requires one
          penalty lap, every sip of beer must be drunk.
      12. To ensure that no beer is spilled with such a large competition,
          cans will be opened seconds before the start instead of during
          the exchange.
      13. All the leftover beer from undrunken open cans will be poured
          into the champions cup and must be finished by the individual and
          team champions by dawn.