A version of the ghostrider, a sexual position where a girl is riding a guy while she has a sheet over her. Instead the man is behind the woman while she is on her knees doggy style, still covered with a sheet.
We were doing the NegativeGhostrider when she hit her head because she couldn't see.
The saying originated in the movie top gun, when Maverick requests a fly-by, and is denied by the commanding officer.
It was later quoted by David Spade in a 7-up commercial, and has also been used in a few other less reputable media segments.
Basically, it just means no. The phrase Ghost Rider eludes to the pilot's alias, and is an illusion to the comic book character Ghost Rider (though I don't think that is significant).