That's a very standard expression, not slang at all. Embora
is an adverb there meaning "fora daqui". You can even omit vamos
, and say only Embora!
, using it as an interjection, though that is more likely to mean Vai-te/Vá-se/Vão-se/Ide-vos embora.
Some times though, in informal use, embora
can be used beside vamos
without having any meaning (just as a modal particle indicating encouragement -- hortative modality). Vamos
can also be omitted and embora
shortened to bora
(even more informal):
Vamos lá embora comer!
Bora comer!
In the first sentence, embora
could be omitted without much being lost, the sentence would be just a little weaker. On the other hand, lá
adds a touch of impatience, though not as much as in Let's eat already.
Dictionaries also tell us that, as an adverb, it can mean "em boa hora" (the locution whence it originally came), but I don't think I've ever heard it as such. Aulete marks it as obsolescent, but not Priberam. Do not confuse it qith embora
used as a conjunction, which expresses concession.