To search for an match in an online game. Queueing means you are starting the search for the match. To shorten the search time for players in prospective match one might "queue up" with some friends to limit the number of players required for the match to start, or improve one's chances of ranking up in-game.
"Hey Jon, do you wanna queue up in Rainbow Six: Siege?"
"Yeah Ben, lemme see if anyone else wants to and lets get a five stack goin'."
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