This phrase is an adjective used to describe someone who's demeanor is so cool that if you don't like them, there is something wrong with you; a literal description based on waking up at night, flipping your pillow, and the coolness making you feel so good you fall back to sleep.

"floating on a cloud of titties" is an expression used to convey a comfortable feeling of utter ecstasy in one's state of being.

Another word for the vagina, aka:
axe wound, box, coochie, cooze, cunt, figa (Italian), Gyna, Holiest of holies, pussy, slit, snatch, twat, etcetera etcetera... made famous in the movie 'Friday', and likely never heard outside of that film.