In this context, what does "does it" mean?
To understand the context, it is important to explain what happened in the episode. In this episode, Ross broke up with his girlfriend Bonnie so that he could be with Rachel. Rachel wrote Ross an 18-page letter, front to back, about the issues that she has with Ross. In the letter, she wrote that she wanted Ross to take full responsibility for all of the mistakes in their past relationships. When Rachel says "does it" she is asking Ross if the letter makes sense and if he will take full responsibility for the mistakes made in their past relationships. He fell asleep reading the letter and doesn't actually know what the letter said.
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