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Can mean several things:

1) A movie that is right on the cusp of being taken out of theaters.

2) A terrible or less than enjoyable movie you can view at home.

Both have the same purpose. To create a backdrop to either making out, talking, or a friendly get-together. The former of which is the most common.
"Hey man, i'm taking this girl out to see Madagascar 3!"

"What? In early August? Dude, that is such an Excuse-Movie now. What are you really planning on doing?"

"...possibly getting my hand down her pants..."

"Yeah, have fun with that while Katy Perry is blasting in the background."
by Pelican501 September 06, 2012