To leave, finish, cease, go home, say no or to end something.
Or to reach the conclusion that the current activity is past its peak, and that a more comfortable retreat is in order.
Can be used as an verb, or as a stand alone statement.
Originated from the Christian Camp scene, where leaders were encouraging a particular activity, but it was decided to retreat to the Cabin instead.
Leader: Hey guys let's go for a bus walk
Luke: Nah Cabin
Mike: I think I'm going to cabin on this Coopers
Julian: I can't believe you cabinned on coopers.
Uly: But.. Rod?