Splicing the main brace was a reference to fixing the main brace of the sail that had broken, usually in a storm or battle. It was hard and dangerous work to splice ropes, some up to 5 inches in diameter, in such a situation. It became typical to reward the sailors with an extra grog ration.
In today's Navy it refers to an opportunity to get a drink. "I'm going ashore to splice the main brace."