Depending on the context, it could be used to describe a young man who is wasting his life drinking and partying and, more specifically, on sexual adventures.
Just like Polari referred to police as Jennifer Justice, Gayle speakers might talk about avoiding Betty Bangles or getting Dora at a patsy instead of drinking at a party.
When we were in London, we often went in the evenings to the Mermaid Tavern in Cheapside, it was a very good inn, with good beer, and all the writers and poets in London went there.
These are very popular among, for example, college students, who are always going out and drinking and partying and then when they have to do their schoolwork, they have to stay up all night just like Joan did.