ljuštiti

1. to peel; to shell
   Baka ljušti krompir za ručak. — Grandma is peeling potatoes for lunch.
   Deca su ljuštila kuvana jaja. — The kids were shelling boiled eggs.
2. slang (of alcohol) to knock back; to drink heavily
   Sinoć smo ljuštili rakiju do zore. — Last night we were knocking back rakija till dawn.
3. slang (of a fight) to beat up; to thrash
   Ljuštili su ga ispred kafane dok nije stigla policija. — They were beating him up outside the bar until the police arrived.

Reflexive "ljuštiti se" means to peel or flake (of skin, paint).