A harsh -albeit immature- generic insult. I guess it's incinuating that the person who this insult is directed to is comparable to something that wriggles around someone's buttocks, licking it (or perhaps the asshole itself) for whatever reason.
1) To cruise from party to party for the purpose of smoking and drinking, and doing so for a long period of time; preferably an entire night or even week.
2) To expend all your energy on having sex with a partner.
Origins are found in collecting tributary beers and bong hits, as is customary in the code of hospitality.