A boy is seen modeling a tight gold-colored speedo. The outlines of his intimate areas are somewhat visible, but nothing is shown outright.
Sex is a big part of the story, and it's implied (mildly for some) all characters encounter it at some point during the movie, without any actual scenes shown. It's implied that Sam has been sexually active since age 11, when she was first kissed by her dad's boss. Although she no longer randomly "hooks up," she and others state how in freshman year people would get her drunk and that she had a reputation.
While acting along with The Rocky Horror Picture Show, we see several boys and girls and dance suggestively. Boys cross dress. Patrick, in high heels, a bustier, and garter belt, sits on Charlie's lap, caressing his face. Sam dances in a bra and panties, and lets Charlie touch her breasts. Charlie is stripped down to gold briefs at one point.
Patrick tells Charlie a gross (non-graphic) story about a couple from the high school who sneaked out to have sex one night. They forgot condoms, and used sandwich bags instead.
There is a brief mention of "blowjobs."