A euphemism for performing oral sex, usually cunnilingus, as others have mentioned. "The Y" is also a nickname for the YMCA, once a famed hangout for trolling gay men. Also, only men have a Y chromosome, so dining at the Y could also mean fallatio, or perhaps analingus as well.
What are you guys eating tonight? - Oh, we'll be dining at the Y.
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Same as Dap, or Respek Knuckles.
Derived from the boxer by the same title.
The friends greeted with a Spud Kelly.