So I provided the liquor for a party last week, and got a bottle of pretty crappy tequila because some of the people coming down cheap tequila like it was water.
Then most of them didn’t show up. It was never even opened, as all the vodka and rum was comsumed by everyone else.
So…what do I do with it? It’s not the sort of thing I want to drink straight (I have my own liquor for that), but I haven’t the foggiest idea what I’d mix it with.
Maybe this will help. Sorry, but it says to use a good brand of tequila. 
Next time you have guests over for a big Mexican dinner, make an alcoholic punch. Or a trayful of some horrible 1970s tequila cocktail with lots of fruit juice and crap, many of which are still listed in current bartending guides.
Grin at everyone and intimate that you are serving this “ironically.”
You can’t go wrong with Margaritas. I like 'em on the rocks, but if the tequila is especially bad, frozen is better. Drink a few beers beforehand and I promise it really won’t matter.
Next party you attend, bring it along. Leave it there. Eventually, it’ll be making the party circuit! Who’s got the hot potato? Who’s got the Tequila Zapata?
That said, tequila is no one’s friend and will only lead to misery and destruction in the end. Drink whiskey instead.
I’m with Koffing, let it make the party circuit.
I remember a box of wine that made the party ciruit at my Dad’s work. That thing got passed around for close to a decade. It’s still talked about. My Mom mentioned it the other night.
“I wonder what happened to that box of wine?”
Hmm. While I like the perpetually unopened communal tequila idea, something about this strikes my fancy. Possibly because I’ve always wanted to go into a bar and order a huge, ridiculous, Choco-choo-choo, but I never want to hassle the bartender (or drink the monstrosity, really).
How about a recipe for Margarita Cake? It sounds pretty good.
Fruit Kabobs with Margarita Dip
That should get you started. 
For more recipes, go to AllRecipes and do an ingredient search for tequila, and have it search the whole site.
Sheri
Tequila Chicken marinade:
A lot of tequila, a lot of lime juice, a goodly pour of olive oil, chopped onions, chopped cilantro. Set some aside for basting. Marinate chicken pieces for a few hours.
Grill. Turn and baste frequently. Mmmmm.
Why not take it back to the liquor store? I’m pretty sure they’ll refund or exchange if it has not been opened.
I second (or third) the motion on the Tequila Chicken. I make it all the time on the grill. Tequila, olive oil, and lime juice, plus whatever spices you want, make a great marinade. I make kebobs out of my chicken, but any way will taste great, I’m sure.
Oh, it also works with other meats as well.