A polite way to tell someone, "Go fuck yourself!" It's the kind of phrase that even if you've never heard it before, when said at the right time with the right attitude, everyone in the room knows exactly what it means.
TOM: How 'bout you let me borrow 20 bucks?
DICK: How 'bout you go sit and spin!
HARRY: That shit was funny.
Example #2: Today on television I heard Rosie O'Donnell tell Donald Trump to sit and spin. I almost pissed my pants.
The activity of posting racist comments on the internet. Includes any and all activity that disseminates, reinforces, promotes or perpetuates racial hate via the web. Written by an e-racist, these hate-filled rants are typically found on message boards and public comment sections throughout cyberspace.
If you read the public comments at Youtube for the Micheal Richards video, you'll agree that the level of e-racism displayed there is quite shocking.
Example #2: Every time a black person is voted off American Idol, the public message board for the show over-flows with e-racism.