To "86" something is to throw away or discard it. It's beat slang. According to the dictionary, "86" possibly came from Chumley's Bar and Restaurant in Greenwich Village which was at 86 Bedford Street.

On the '60s TV show Get Smart, Agent 86 was the central character Maxwell Smart's code name. He was married to Agent 99, who was never referred to by her real name. (Typical sixties, eh?) Maxwell Smart was played by Don Adams, who later went on to voice a similar character on the animated kids' TV series Inspector Gadget.