A term used to describe the ambiguous boundaries drawn between two friends who engage dangerously in romance and sexploration, while not wanting to be defined as a couple in the eyes of their community.
G: "Are you and so and so seeing each other?"
B: "Na, we are just pal'n around."
Being in a relationship, but not having to admit it.
G1: Is he your boyfriend?
G2: Na, we are just pal'n around.