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The phrase "the first time" not just talks about sex, but about the different experiences you can have when you do something.
The first time Liam saw Peter, he felt fear. But not for the Hale itself, but the situation in which they found themselves. He was scared because at that time he had barely been turned and did not even know how to control, but Scott wanted to send him to fight the Bersekers.
That was also the first time that Peter laid a hands on him when he saw him shaking with nerves when he realized that he would be the bait. The oldest had approached him from behind and gave him a light tap on the shoulder, then whisper "You're going to live."
The first time they fought, was when, as in many other full moons, Liam lost control and, while running through the forest, came across the oldest. Which he did not hesitate a second to submit him, biting his neck because that was the way Peter considered more correct. The blond will never admit that the teeth boring into his skin caused him an erection.
The first time that Liam saw Peter as a hero was when he saved his life. He could have escaped unhurt from there, could have left him behind so the beast -at which Liam could not attack because it was Mason- would kill him. But he stayed to help, being hurt in the process.
The first time he had a decent conversation with Peter was when he asked for an explanation of why he acted strange to him. That was also the time that he realized that Peter had something in common with Derek: Neither of them were good to express themselves.
The first time they kissed was completely because of Malia. Which had occurred play the game of the bottle because she had never played and, for those twist of fate, the blond had to choose between kissing Peter and do the homework of the pack for a month, if you put so, the idea of the kiss with Peter did not sound so bad.
After that, there were other first times were not very nice. Like the first time he began to think seriously about his sexuality, or the first time he needed advice from someone else. Stiles being his only option. That was also the first time he noticed that apparently troubled kids had a magnetic attraction for Hale's.
This was followed by the first time he completely opened against anyone, being this person his beloved -and returned to humanity- friend Mason. Which supported and advised him as he had always done.
Sooner than later came the first time Liam was ready to confess his feelings, but there was always something that prevented him and it was not until the fifth attempt he could confess. Although the intention was. That was also the first time that his feelings were reciprocated.
If you ask them both, his favorite first time was -ironically- the first time they had sex. Since it was an act of pure confidence and pleasure for both, bonding them in a way in which some wolves could only imagine.
Although, it was other time that was Liam's favorite too, and it was the first time he had someone kneeling before him, nervous and with a ring symbolizing a union that, for them, it would be until the dead do them apart.
They both remembered those first times with happiness as they spend their time together. Since those were the first few times, but still was lacking long before there was a final.