Literally: pond – alcohol – meat – forest
Alternately: A great and sumptuous meal. A dinner party with staggering amounts of food and drink. Enough drink to fill a pool and enough meat to decorate a forest. This phrase can often be used to imply a drunken and perhaps debauched excess of consumption, so be careful about using it to praise someone’s spread at dinner!
Notes: Apparently in China the same phrase means an extravagant lifestyle in general, rather than a single extravagant event. The phrase comes from a fabled event in the life of king Zhou of Shang, (紂, Japanese Chou) who literally had a pool filled with alcohol and had (in some versions, dried) meat hung from trees to simulate the drooping boughs of a lush forest. It is said that his excesses led directly to his downfall.
(Link is to Youtube; a children’s cartoon of the story for about the first two minutes.)