To fool around, act like a hooligan, or any other actions your father would not like you to do. Usually a term used in the situation of a daughter asking her father for permission to go out, and he warns her not to do anything stupid.
Joanne - "Dad can I go to a friend's house after school to hang out since there's no school Tuesday"
Dad- "Who is going?"
Joanne- "Just the girls and a couple of guys"
Dad- "Okay you can go, I trust you but NO HONKY PONKY"
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