"""Crack open the Natty Light. Microsoft plans to throw a white trash data center rager in Chicago."""
First of all, "Natty Light" is what the college kids use as slang for "Natrual Light," a cheaper, (more) poorly flavored version of Bud Light. It can typically be obtained in boxes of 30 cans, at a price about 1/6 the price of a good beer. People use them to play drinking games, shot gun, vomit, and whatever else they can come up with while inebriated.
A rager is sort of a massive party to which many people show up. After a healthy rager you can expect the hosting venue to be more or less completely destroyed (Think missing drywall, broken fixtures, smashed windows) and littered with beer cans, urine, condom wrappers, etc.
Should just about sum it up, I think.