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let's not start sucking each other's dicks yet

Don't jump to conclusions, or let's not start celebrating yet. Cautious and borderline pessimistic optimism.
Similar: don't count your chickens before they hatch
Variant: "Let's not start sucking each other's dicks quite yet."
"I just got a letter that said I won a sweepstakes, but let's not start sucking each other's dicks quite yet."
"I just bought PAX tickets on eBay, but the seller had a picture of himself with a neckbeard, so let's not start sucking each other's dicks yet."

packing each other's parachutes 

those two hang out together all the time.

yeah, i think they are definitely packing each other's parachutes

slapping each other's dicks 

The opinion that a sales manager has about sales people swapping sales stories with each other when they actually should be selling and closing their prospects.

powdering each other's noses 

having lesbian sex. the excuse two girls use when they go the bathroom and get it on.
nic: where are the girls?

auriel: oh, they're in the bathroom, powdering each other's noses.

nic: oh, that's hot.

finger popping each other's ass whole 

When some preferably puts ones finger in to his/her asshole/ bootyhole
Put your largest finger in someone's Ass whole/booty whole finger popping each other's ass whole

Fixing Each other’s Sinks 

“Damn I think Gillovny were fixing each other’s sinks.”