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could I wham my oingo boingo into your velvet underground 

Slang. It means can I have sex with you? Brian propositions Lois by using the band names Wham!, Oingo Boingo and Velvet Underground. On the pool scene in the censored version Brian says, "Can I Wham my Oingo Boingo into your Velvet Underground?" In the uncensored version he says "I would eat your poop."
Brian: can I could I wham my oingo boingo into your velvet underground? Lois: wym? Brian: can I have sex with you?

playing boingo-boingo in her velvet underground 

SEX!

Doin the dirty...

fucking around

being a 14 year olds mothers worst nightmare
Mom: Son, I don't feel that you should go to Sarah's tonight..

Son: Chill, mom, it's not like I'm playing boingo-boingo in her velvet underground!