Definition 1 of 1
Beedi is the South Indian cigar. Put together Lungi Beedi means - a deadly party is happening with loafer gents who are jobless smoking beedi's and just putting. This is the sort of party, the Missus should not be-ware of .
In all honesty, this is not a wide spread phenomena. Invented by the California Mangalorian community in the bay area also known as Lobonagar who miss India and dress up in costume to stay connected to their porki roots while they sip their Napa valley wine and eat chanterelles!