The modern event is based on this practice.

Leaning over the scuttlebutt one afternoon, Bond suddenly realized hed been gulping water for maybe a minute. These days the term has been translated to also refer to a water cooler in an office setting. A tripod would be put up on the deck over an open hatch, and the cargo lifted up out of the stores. noun /sktlbt/ a) A butt with a scuttle, a keg of drinking water with a hole cut in it, on board ship. (The word scuttle derives from the Middle French escoutille or the Spanish escotilla, meaning hatchway.) Since sailors exchanged gossip when they gathered at the scuttlebutt for a drink of water, scuttlebutt became Navy slang for gossip or rumours. Water or other goods such as cargo would be stored below deck. This event is based on activities that crews used to have to perform on ships frequently. A run under a minute is generally considered good, though times much lower than this have been seen in competition. Disqualification can occur when water is spilled or if crew other than the coxswain (and sometimes the barrel hitchers) talk. There are three runs per crew, and the crew with the fastest time wins. Time stops when all crew members are back in line and called to attention by the coxswain. It must then be lowered and the equipment 'broken down' back to its original condition. A barrel hitch is tied around the drum, which is then lifted off the ground. The tripod is constructed from three spars, which are tied together by 'head-lashing.' The block and tackle is suspended from the top of the tripod, which is then erected by the crew. In the event a 50-gallon drum of water is lifted 3 feet off the ground using a block and tackle and a tripod. Hoisting the scuttlebutt is an event that Sea Scouts participate in during regattas such as the Old Salts Regatta.

Definition of scuttlebutt