Use a narrow, stemmed glass that's not too tall. Pour peach schnapps in first, then using an inverted spoon, pour on a layer of Bailey's Irish cream. Slowly drip grenadine through the Bailey's, creating a 'brain' effect at the bottom of the glass. Put another, thin layer of Bacardi 151 rum on top.
Fill a spoon with 151, light the alcohol, then carefully drip the burning rum down a long knife so that it lights the rum in the glass. While burning, drink entire beverage through a straw without stopping.