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1.
Pronounced: chill-ak-zanaks

Noun: slang word for the pharmaceutical drug Xanax.

Verb: chillin/relaxin by means of consuming massive amounts of Xanax.
Noun:

Guy#1: "Get off the phone dude!!"

Guy #2 "Man, I'm jonesin for some chillaxanax. I'm doing speed dial smackdown till I find some!"

Verb:

Guy #1: "OMG, I think I got crabs or herpes or some shit from this chick. My car broke down.. I lost my job, blah, blah, blah..."

Guy #2: "Qit all yer whinin!! Just chillaxanax!"
by Kretch Slade September 26, 2011