It means you're freaking ripped. Wood = hard = carved = chisled = ripped. Common sensefor the win! However; if you are carved out of wood, be prepared to immolate easily.
To be carved out of wood, one must lift weights, and do pushups regularly. Definately not for the lazy/impatient.
To take a combination of Xanax and Ketamine recreationally, in reference to the Thai cave rescue of the 12 boys who were trapped in a cave by rising flood waters.
Dude you wanna cave out tonight? Totally! You can drag me around the apartment and I won't give a fuuuuck.
When you don't have to work or have any appointments or obligations and you don't want to leave your house or talk to anybody or do anything on your list of things you should do, as though you were hidden away in a cave.