"Too much fun"; to be used with the phrase "We may have had a little bit TMF last night/yesterday/on the cruise/etc." The story following TMF is generally one involving alcohol and/or awkward sexual moments in one's life and saying "a little bit TMF" abridges that long story in the company of one's parents or others who maybe shouldn't know the story.
Person #1: "How was Mike's party last night?"
Person #2: "I think we all had a little bit TMF..."
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