We'll have fun if you have money

"Оттопыриться" means ''to have fun' usually at the club, at the disco. Вчера отлично оттопырились в клубе! "When you have money we will hang out" - you are right!

Бабки будут=Если будут деньги. бабки is a slang term for money. It's like dosh, dough in English. Оттопыримся=будем принимать наркотики оттопыриться-is a slang term for taking drugs. http://www.narkotiki.ru/5_5392.htm

Оттопыримся - we'll have some fun. Roughly.

Yes, you guessed right. As Эдуард said in answer to your parallel question, there is really little sense in learning such phrases. Although if you are actually interested, it will be "your" book http://www.twirpx.com/file/622666/