Saying you're down to do something means the same thing as saying you're up for it.
"Do you want to do this thing with me?"
"I'm down."
"I'm up for it."
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"Do you want to do this thing with me?"
"I'm down."
"I'm up for it."
Gotta get up to get down.
"I get knocked down! But I get up again! And you're never gonna keep me down!"
On the other hand,, "knocked down" and "knocked up" have drastically different meanings, which is a little confusing for foreigners sometimes. =P
Pissing the night away is also a double entendre, meaning wasting time or literally pissing all night from drinking.