A euphemism for inviting someone over to their place to engage in sexual activity. Thus the expression, "let'sNetflix 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?")
code for two people going to each others houses and fucking or doing other sexual related acts
Brad: "Hey Julia wanna come over and watch Netflix and chill"
Julia: "Sure I'll pick up the condoms"
Brad: "Wait I thought we were just gonna watch Netflix and chill?"
Julia: "Netflix and Chill means we fuck, dumbass"