Something you tell your parents when you want your boyfriend/girlfriend to come over and you fuck

A glorified booty call.

It means that you are going to go over to your partners house and fuck with Netflix in the background.

Netflix and chill is a slang word used to say you wanna fuck

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?")

When you go to your partner's house and watch netflix which then escalates to sexual activities, all while netflix is still playing in the background

Netflix and Chill is in the month of December and you invite a girl over to your house to watch movies on Netflix. Afterwards y’all get down to business.