Green’s Dictionary of Slang

(US campus) a comb. form denoting activity, e.g. dope action, babe action, gum action under gum n.¹

1962		P. Crump Burn, Killer, Burn! 97: Every time I go skatin’ I cop some choice bed action.
1982		Eble Campus Sl. Spring 1: action – combined with a noun: I’m ready for some Chinese food action for lunch.
1991		Eble Campus Sl. Mar. 1: Do you want to get in on this coffee-action?
2000		M. Dibdin Thanksgiving 24: She was too hot to last even one month without some pussy action, never mind three.
2006		P. Shannon Davey Darling 212: I had my hard on to attend to. [...] There was nothing quicker to quell my pant action than the thought of having to enter that courtroom.