Similar to the term 'cranking', this verb represents the simultaneous combination the of laughing and masturbation. Not a common pairing, and those conducting the act would appear to be slightly insane.
To spend time unproductively, leisurely, not doing anything of use. However, this is not necessarily a negative term; it also implies a relaxed and unstressed period.
We have just spent the afternoon lenking about really, had a few beers and a few games of pool.
In Super Smash Bros. Melee, characters who's walk-acceleration is lower than their traction value after wavelanding backwards can buffer a slight walk forwards to decrease the momentum lost. The walk input must be at its lowest value to perfectly execute the tech. (rough translation of inputs) Characters with low traction (Luigi) benefit worse than those with higher traction values in Melee. (i.e Gannondorf can benefit from the Koopa Backdash Wave Slide Hover Walk Moon Landing more than Luigi in terms of distance)
Youtube has more info on this.
The Koopa-Backdash-Wave-Slide-Hover-Walk-Moon-Landing can make virtually anyone feel like they are playing on ice.