It’s the modern day phrase of teenagers saying “my parents aren’t home, do you want to come to my place and watch movies?” Or “do you want to drive to the top of that hill and look at the stars”... Aka lets fool around sexually.
Now that social media got ahold of the humorous disconnect elders have with “Netflix and chill” I’m sure there is a new phrase teenagers are using to say “let’s hang out (wink, wink)”