It's one of NECA's variant Kratos (Kratii?) holding Indiana Jones' true Holy Grail. Doesn't make any sense to you? Yeah, well, it doesn't make any sense to us, either. Don't feel bad.
Technically, since "crunk" means "crazy drunk," the phrase should be "to get crunk" - otherwise he's saying "it's time to get [crazy drunk]ed," which makes no sense. But who's going to tell him? He's Kratos.
(Besides, all of us are tragically unhip white boys. What the hell do we know?)