Wenching is a term for seeking the company of young ladies of easygoing virtue (or outright negotiable affection) in the hopes of arranging a dalliance. This is somewhat different from courting a lady in love. In the SCA, wenching is a tongue-in-cheek term for lusty flirting with willing ladies in a somewhat informal atmosphere.
The social acceptibility of wenching (or even using the word "wench") depends greatly on the company you keep, the atmosphere at the event, and (typically) the sobriety of your fellows. Wenching is not acceptable at a royal feast unless the Crown leans heavily towards Henry VIII's court, but around a campfire at Pennsic or Storming of the Gate, it's practically mandatory.
Be aware, however, that a young lady at a campfire may not want to be wenched by every lord who wanders past. Even in the Current Middle Ages,
- no means no,
and any gentleman who forgets this may well be reminded of the rules of chivalry, forcibly if necessary.