The "Rules"
As Tony Schiavone explains while his broadcast colleagues make the worst attempts at puns known to mankind, "the first man to climb the pole and retrieve the bottle of pills will be able to use it on his opponent." In the immortal words of comedian Lewis Black, "Don't think too hard about that sentence or blood will shoot out your nose."
What in the name of everything good does it mean to "use" the bottle of pills on your opponent?!? Later commentary adds the fact that the bottle is apparently a glass bottle because those were definitely still in use by American pharmacists in the summer of 2000.
The bottle itself is the biggest indicator that nobody in Atlanta is taking this match seriously. WCW couldn't possibly make any less effort to make this bottle look even remotely legitimate (from the shape of the bottle to the label, to the fact that the candies inside don't even have the same shape as the tablets they allegedly were).