I haven't done that in a long time! I'd be very surprised if a kid actually did this habitually. More like something you try 5 times or so. It's not like you get high, but it defiantly is an experience.
Now, maybe I should click the link, because when I was a kid, we never used a rope to strangle ourselves. We always used or own hands. Actually the strategy was to stand up, lower your head between your legs. Hyperventilate for 30 seconds or so, stand straight up, wrap hands around neck and squeeze. You'll pass out in like 10 seconds. Everything fades to black, and you wake up on the floor 2 seconds later.
I'd think passing out from drinking would be significantly more dangerous than passing out this way. It sure isn't a smart thing to do though.