I was talking to my friend on steam, and I wondered if steam could be tracking our convos. Right when I mentioned the possibility to him, steam lost connection.
Creepy coincedence?

Nah. Also, this is not discussion-worthy. Moving.

I'm sure Steam is capable of tracking your conversations, but I highly doubt that they were watching you and kicked you off on sight of something that may have unnerved them. Besides, if they had reasonable evidence that you were plotting to do something against their policies, either one of their representatives would have contacted you, your steam status would be knocked out of "In good standing", or you would have been flat out banned.
Your situation was just a coincidence.

My recommendation though, whatever it was you were planning to do, don't.

I agree with Alex. There are much bigger consequences to pay if you attempt anything dodgy. And it's not called a ban. Can you say, 'Lawsuit'?

I somehow doubt Steam will sue two kids because they were 'attempting anything dodgy'. They would lose money and a huge amount of reputation. A few years ago McDonalds tried to sue some people who were protesting about their food. After several years they did win but lost millions in legal fees and everyone thought McDonalds were dicks. Also the people they sued had no money and couldn't pay anyway. It would be a similar situation here.