To have a good time without paying for it. It can also refer to owing your friends money and then flipping the script on them and trying to create debts that never existed.
A complex profanity in italian. It means litterally "God with a magnetic ass in the valley of the iron cocks". Used mostly for fun.
"Now, let's do a challenge for the funniestprofanity!"
"Ok, i'll begin: Dio con il culo magnetico nella valle dei cazzi di ferro!"
"Ahahaha that was cool!"