Haven't been able to get it right every time, but I discovered this after accidentally losing my can opener to it:

1. Equip an AK (I assume any large weapon will work).
2. Right-click a soda in your inventory and drink it.
3. Use the hotbar to equip an item whilst drinking (I've only tried with small items).

You'll finish drinking, them item you equipped will disappear, and the soda will re-appear in your backpack as if you never drank it. After accidentally discovering this I attempted it a few times and was able to drink the same can of soda over and over. However, you _will_ lose the items you attempt to equip as you drink.