Slickin' it with the boys

The practice of chain wrestling a variety of partners with a medium-high intensity, often for a long period. Derived from "working up a sweat", the phrase produces an image of you and your sweaty boys slipping and sliding your moves in. Often loosely organised or timed, much to the benefit of the clock boy.
The so called drill is more just to get in repetition of your moves on the mat than to condition or drill. However, if you aren't looking dead on all levels at any period after warm ups, you are going to catch mad shit. At that point you weren't REALLY slicking it with the boys, you were being bitched around by some wrestlers. And THAT is gay.
The homoerotic phrasing is part of the joke.

Person 1: how was practice Monday? Heard coach was out.
Person 2: ah. Great. We were just slickin' it with the boys for an hour an' a half after drills. Good shit.