A combination of Chilling, Relaxing, and Meditating. Used to describe a laid back social gathering or activity. Usually when there is not much else to do, or after completing something worthy of meriting a break.
Guy 1: "Hey man, what you up to?"
Guy 2: "Nothin man, just chillaximatating."
Guy 1: "Lets go to T's house and chillaximatate, im tired."
Guy 1: "What did you do while i was gone?"
Guy 2: "I just chillaximatated."
Guy 1: "DUDE, i just smoked a ton of hash, and now...and now, CHIPMUNKS!!!! AHHH, THEIR EATING MY KIDNEYS!!!"
Guy 2: "Whoa man, settle down. Those aint no chipmunks. Thems the hash fairies man. You just gotta let em work their magic. Just chillaximatate."