phrase often said to the drunkest girl at the party, by the asshole who's trying to take her home. Many times accompanied by an arm around the shoulder or sometimes just an all out boob grab depending how drunk the girl in question is and how brave the guy is. Hopefully the girl has friends to prevent her from going home with the guy or to scare the guy off.
Jackass with his arm around a drunk chick: Are you cool? Are you cool?
Drunk chick: Hellz yeah I'm cool!
Jackass: K. Lets go back to my place.
Drunk chick: Wait... what?