A euphemism for inviting someone over to their place to engage in
sexual activity. Thus the expression, "let's Netflix and chill!" should be
understood by the hearer as "let's come over to my place and fuck!" The genius of this phrase is that it gives both parties "
plausible deniability" when its true meaning is prematurely exposed so no one has to lose face (the inviting party can say, "I was just talking about watching movies and hanging out" or the invited party can say, "You're talking about watching movies and hanging out, right?")