Slicing the beef refers to the act of parting a women's large labia (a.k.a. "beef curtains") and inserting your penis.
"Hey dude, are you going to slice the beef tonight with what's her name?"
"I totally sliced her beef"
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Jennas mom: Uhhh..maddie. I thought i was the coolest mom, but now we got beef. So im pullin up! anddd we’re slicing beef girl.
Jennas mom: Ummm maddie, I thought i was the coolest mom. But I guess not, so im pullin up, and we’re slicing beef”
maddie: huh