Doing absolutely nothing while hanging out with your
friends but talking about it like it's really
cool and you HAD to be there. Does not refer to something perverted that Steve Carrell
said.
"
Hey Bree..I had an awesome
time at that pants party"
"Yeah, we should totally get together and have another one"
The conversation is loud so as to attract others attention. Then when they question about the "party", you tell them that they have to be at one for a true experience.