Basically FWB means exactly that. Friends with benefits. Sex, kisses all of it with a friend of yours with no commitment from either of you. I will warn though. Having a fwb situation can be extremely difficult to pull off. It must be strictly platonic (meaning neither of you have any sort of feelings for the other at all) and it needs to be discussed in length before proceeding with it. There are many many things to talk about in order for something like this to be successful. You need to agree that if feelings start to develop you will inform the other person immediately. You need to agree about whether or not it is ok to sleep with other people to. Go to wikihow and search how to have a successful fwb situation. I hope this helps.
All the benefits of a relationship, none of the consequences. In other words, you can have sex and do all the rings you would with a boyfriend or girlfriend, but not obligated to keep a relationship or buying each other stuff