When I'm holding a coke I don't keep it in the same position in my hand. He could have been playing with it.
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AndyShick writes:
The entire Code Red thing is a slip-up. The gang graduated in 1999 in part 1 (confirmed in parts 7 and 8). In part 2, it is the following summer (2000), and Stifler has Code Red, which was not available until 2001, when the scene was filmed.