Probably (depending on context it's possible to mean something else), it means she suggests, through her words or her actions, she will have sex with you (or at least fool around) but she really will not.
It's possible to have non-sexual connotations. I talk about my great cookies, tell you I even have some in the car, and you ask for one and I say no, that they're for the school bake sale. You might call me a tease for temping you with my great cookies but not intending to give you any.
Student or Learner