Literally it probably refers to a situation where you're competing for a woman with another guy.
In other words: "Are you going to fuck her(ie. win), fight him(ie. TRY to win), or hold a light up for his convenience while he fucks her?(ie. be a total loser)"
Sort of a takeoff on the whole "fight or flee" natural evolutionary response.
Ron: I'm thinking
Ray: Enough thinking, already! Look - either fuck, fight, or hold the light!