Having sex with a female and leaving shortly after to attend other activities.
Origin: The phrase 'Butcher and Bolt' originated in the late 19th century as a military term to describe punitive expeditions in which a military element invaded a foreign land to exact revenge (or otherwise punish) before a timely withdrawal.
Male 1: Where have you been, we're on the second keg!
Male 2: I was over at Allie's.
Male 1: Nice - butcher and bolt?
Male 2: Heyyooo.