Hangin out with your homies without your girlfriend, wife, or any assorted bitches that you might be seeing.
Derived from the gasoline terminology leaded and unleaded, as well as the fact that when you're hangin out with your girlfriend, bitch, or wife your weighed down, thus you're leaded with the ball and chain.
Giving a girl 'Premium Unleaded' is when you are fucking a girl up her stupid ass, and you start pissing uncontrollably. USUALLY used as a method of revenge, e.g. during breakup sex
-While we were fucking for the last time, I made sure to give that cunt some Premium Unleaded.
-She squeal like the little bitch she is?
You fucking know it, revenge is the shit man.