1. the absence of knowledge of time at the lake. It is when your activities aren't driven by the clock, but rather by bodily functions and wants.
Examples: You bask in the sun when you are tired, swim when you want to, eat when you are hungry, drink when you are thirsty and climb buoys when you don't feel like being on a boat. All of theses things are done regardless of what time the clock shows.
Origin: Lake of the Ozarks 2009
As Mackenzie gets out of the water from skiing: Hey Justin, What time is it?
Justin: I doesn't matter we're on lake time.
Mackenzie: Well, I'm hungry for lunch.
Justin: It's 3:33 p.m., you'll ruin your dinner.
Mackenzie:We're on lake time, remember? I'm eating.