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1.
Noun: one who has a tendency to lunch things out (see "lunch"). One who wastes their days achieving very little and who loves idleness and self-indulgence more than they fear its consequences. Essentially one who lunches out their life.
"God, you're such a lunchout."
by Ruby2Good October 29, 2002
 
2.
A verb meaning 'to deliberately disinclude a person/people from an activity'. Can also be a noun referring to the person who does this.
'I can't believe you lunched me out last night.'
'Steve I can't believe you, you are such a lunch-out'
by Æsop November 07, 2004
 
3.
To stare off into space or day dream. Most of the time this happens when you get stoned or are strung out. Also known as lunching or Out to lunch, or being as smart as a lunch box. Dazed.
I have been partying for a few days strait and now its time to lunch out.

That guy must be stoned ... he looks like hes lunching out.
by Beetles420 April 03, 2008
 
4.
Some one who never achieves anything i.e. a bit of a bum.

Should never be leant money or invited out anywhere as they will always lunch it
Have you seen much of Adam since we left school?

Yer man, he's a total lunch out

Or

I aint leanding you no money, your a fuckin lunch out
by Marma D August 29, 2003
 
5.
A verb meaning to freak out or to get scared. Usually caused by getting really high, or experiencing something extremly random, surprising, or funny. Also related to tripping.
"Tonight our plan is to smoke a few bowls, an then go laser tagging and lunch out like crazy."
by Mdean April 04, 2006