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1.
Chilling, relaxing, bumming around at home.
Agnes: Heyyy waddup man?
Tom: Just chillbanging.
Agnes: I wish I was as cool as you.
by nicoleface August 30, 2008
 
2.
is referred to as hanging out with a friend(s) while banging them
Guy1: What you do on the weeknd
Guy2: Was chillbanging with Lisa
Guy1: Aw Sweet dude, Love Chillbanging.... wait dude, Lisa is my Girlfriend???
by MeridaForce March 31, 2011