This buzz term (or terms) was used when Idle played a character (usually opposite fellow Pythoner Terry Jones as a stuffy Brit), who persistently (and wrongly) tried to put a sniggering sexual implication on perfectly ordinary situations:
-- Idle: "Your secretary, she's a bit of a goer, isn't she?"
-- Jones (perplexed): "Umm, perhaps."
-- Idle: "Wink wink nudge nudge. Say no more, say no more."
Within the past 30 years "Wink wink nudge nudge" has also taken on almost its exact opposite meaning, used sarcastically to mean something along the lines of "I'm sure it's painfully obvious to us both."
"Look at her, do you think she runs, do you think she runs?"
"I'm not sure what you mean."
(Very broadly): "Wink wink nudge nudge say no more, say no more."
* * *
"Did you have any idea that Senator X was closeted and gay?"
"Oh, wink wink nudge nudge. Anyone gay, or anyone working in official Washington (D.C.) knew it already."
Has been known to be shortened to "Nudge nudge" or nudging someone twice and saying, "Eh eh?"
b) "Let's have a round of golf, I'll let you play with my balls. Wink wink nudge nudge"