Characters
Shall we shag now or shall we shag later?
— Austin Powers · Austin Powers: International Man of Mystery

Behind the line May contain spoilers.
Our reading
An editorial interpretation.
The speaker makes a cheeky, openly sexual proposal, using slang for sex, and offers the listener a choice between doing it immediately or postponing it. The playful phrasing turns a bawdy invitation into a breezy scheduling question, treating desire as something to be casually timetabled.
Context reviewed