Consuming large-enough quantities of alcohol that one loses the ability to recall the events of the evening, and wakes up in the morning with no recollection, having 'time-travelled' the previous night. Commonly referred to as "blacking out".
A reference to Doc Brown's time-travelling machine from Back to the Future. The car that housed the flux-capacitor needed to travel exactly 88mph in order to travel through time.
Frank got a big bonus and was hitting 88 about an hour before he started dry-humping his check.
Mandy hit 88 somewhere in between dinner and the club, which probably explains why she doesn't remember fucking that guy in the bathroom.