a somewhat vague term, where 2 participants each pick a side - one as the pirate, the other as the sand, and the ass is somehow involved. most likely it involves "teh gay"
The act of exploring a female's body (often whilst kissing the neck region), resulting in finding her "treasure", also known as her vajay, coochie, etc.
Joe: "Last night I went treasure hunting with Jill."
Ponch: "::high five!::"