Literally X means a verb while Y means a noun. The sentence as a whole is supposed to be used as an innuendo.
Example 1:
Speddy: This is how you do an innuendo. Ask me if I want to play Pokémon.
Lesby: Do you want to play Pokémon X and Y?
Speddy: Of course, friend! …You can X my Y.
Lesby: Ew, wtf mans? I’m named my name for a reason, you creep!
Example 2:
Lonnie: Hey, do you wanna go to a rock concert?
Kaleb: Of course, bro! …You can rock my concert.
Lonnie: Ew, gross! What the fuck, bro???
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