Euphemism for "go to strip club and grab tits". Used primarily by people who are trying to be sneaky and not admit they're going to strip clubs.
Origin of euphemism was from an asian man who would periodically go with his friends to Montreal(the capital of strip clubs) and when asked why he was going, he'd reply, "play basketball".
me: "So what are you going to Montreal for?"
ak: "We're just going to play basketball."
me: "You're not going to the strip clubs, I hear they're really good."
ak: "Nope, we're going to play basketball."
me: "ok(thinking to myself, yeah right)"
The act of one or more person(s) doing cocaine
Woah!!! Lets Go Play Basketball, Michael!!