Lee, it's what teenagers do to each other's homes either (a) when they like each other or (b) when they don't like someone (or at least that was the meaning in the 1960's.)
When I was a teenager (14 or 15) I had a group of guy friends. One night they decided to "roll" my house, but were scared off. At school the next week, I told them they did a poor job.
Well, the next weekend they must have spent all their money. That Saturday night, I returned home with my family to toilet paper streaming over the roof in colors and scents, it was a terrific job of "rolling." My mother was apalled. She insisted that I clean it up immediately. She was afraid the neighbors would think "someone didn't like us." Later, she regretted not leaving it up until the morning. I'm sure it would have looked like a colorful wonderland. Now she laughs about it but she didn't at the time.