This is a drink made of rum and grapefruit juice. Be careful not to have one more indecent accident while you're drinking it, and stay away from dams while you're holding it, you hippy.
You drink the monkey wrench. It reminds you of the time when you ran with that gang of environmental saboteurs. No, wait, no it doesn't -- it just gets you drunk, and makes you think you did that.
The item description and drink effects refer to the novel The Monkey Wrench Gang, by Edward Abbey, wherein a group of people sabotages bulldozers and trains used to damage the environment of the American Southwest. The protagonists viewed the Glen Canyon Dam as the greatest affront to the desert southwest, and plotted to destroy it (hence the phrase "stay away from dams" in the item description).
The reference to an "one more indecent accident" in the item description is from the Foo Fighters single "Monkey Wrench".