To spend time in totally useless activity or lethargy, especially playing videogames. Synonymous with "veg-out". Derrives from the word "chode", that useless flap of skin that is supposed to keep your balls from flapping around but really doesn't do anything.
"I think I'm gonna chode out with GTA tonight again."
A chode is the fin-like flap of skin that connects your balls to your asshole. Because this body part is basically useless, the term has become a synonym for a person who does nothing. When used as a verb, it means to waste time in unproductive activity, especially playing videogames. Also to "chode-out".
SPEAKER 1: "I choded out all night with Ultima Online."
SPEAKER 2: "Yeah, I was just choding in front of the tube myself."
SPEAKER 1: "We're such chodes."
SPEAKER 2: "Speak for yourself, chode-muncher."
SPEAKER 1: "Lick my chode!"