1. to waste time doing nothing. 2. to waste time doing stupid things 3. to delay, dilly-dally, especially before leaving the house to be on time somewhere.
Example 1: "I didn't do anything on Sunday; I just faffed around the house."
Person 1: "I can't decided between these 2 jackets to wear to the movies. Which one? Where is my black hat? Oh wait, let me get my phone. Do you know where I put it? Oh and did you feed the cat dinner? Maybe I can just check email really quick right now; we have time."
Person 2: "Stop your faffing. We have to leave now or we won't make it."
"He faffed around on the internet for so long that he was almost an hour late meeting us at the bar."