Meaning are you
available to hang or not. Taken from the lyrics of
the Katy Perry song, "Hot or Cold". The next few
lines could also be used to add effect.
Me: "Hey man we're going to
Pacifica this summer, are you
hot or cold?"
Him: "What??"
Me: "Are you yes or are you no? Are you in or out? Are you up, or are you down?"
"Oh
I get it, I guess I'm in or whatever."