To go for a night out away from your home town without having anywhere to stay the night, meaning that you have to Pull a chick and stay at her place or die of cold when sleeping rough.
Basically named after the most basic rule of parachuting.

" PULL OR DIE"
-"You fancy coming to Leeds with us tonight? The train leaves Preston at 7 tonight"

-"Yeah, I'm up for that, where we crashing though?"

-"Fuck that mate, we're all going Parachute Rules"

-"Shit! Pull or die? Better go and put a vest on just in case!!"
di Ryan W Jones 27 ottobre 2006
4 Words related to Parachute Rules

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