The act of lazily laying around in a cool dark room. Generally, gracing is done after a night of heavy drinking, usually involving the smoking of marijuana. A critical part of the gracing process is having an ample amount of seating, ideally one full sized couch per person. Temperatures should not exceed 68 degrees.
The term originated in room 312 of the fraternity house.
Dude 1: What are you doing tonight bro?
Dude 2: Not a whole lot, I got pretty fucked up last night so I'll probably just spend all night gracing.