Looks like it's a themed pub crawl around NYC with a food donation entrance fee. Dress as santa, ogle the bitches dressed as sexy-santa... or just in red underwear perhaps, and get wasted all while doing a good deed.
They claim it isn't actually a pub crawl, that you must be dressed as something holiday-ey and legit, and that you shouldn't get too drunk. Then they deny any responsibility for the actions of Santas in the crawl.
It looks like it's a bunch of drunk people trying desperately to avoid having to deal with drunk people while they get drunk with new people who want to get drunk. Then these people ran into a spot of trouble and now they need to desperately claim that it's not about getting drunk, but about celebrating Santa. And how much he sucks. So dress as him.
/For those uninitiated in the wonder that is TSG Friday Photo Fun, just match the santa look a like with his crime and win one of ten magnificent prizes.