Ah, I heard about this in Missy's interview (well, one of her interviews). Anyhows, the basis of the game is to take a shot everytime Lex touches his wang. Apparently he just can't help himself ... and gives his friend a tug now and then during his matches.
My favorite Flair moment was a recent one. I totally marked out when he made his redebut in the WWF last year. He came back and delivered a classic Flair promo and started what should have been a really kick-ass angle.