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1.
Phrase used after saying something sexual to the opposite sex without actually implying a relationship .

Similar to friends with benefits
"Hey, would you let me tap that? Friends Only."

"Sex? friends only though"
von Prodocy 18. Mai 2009
 
2.
A characteristic of blogging site like Livejournal
it allows you to write entries that can only be read by the people on your friends list. commonly known as FO
"my journal is friends only"
"i made a friends only entry"
von okelay 13. April 2006