Um...no....that's not it.
The point is this: if you left out "my friends" would the sentence still make sense? For example: "My friends and I are going to the movies tonight". Drop out 'My friends' and change plurals to singular. "I am going to the movies tonight".
See what I mean? If you had said "Me and my friends are going to the movies tonight" and then dropped "friends" it would be weird: "Me am going to the movies tonight".
That being said, I really don't give a crap about grammar, as long as it's not, you know, terrible.