-The action of someone who wastes the whole day away and attempts to blame it on a "hangover", although they may not have consumed enough alcohol the night before for this to be possible.
-To waste time (yours/others) or draw attention to something in a rather shameless way, inaccurately justified by false excuses.
He said he had so much to do today, but all he did was visit his Gran for an hour. He's really milkin-it today.
Kyle milked it all day on Sunday.
The only thing he did was wake up to cut the lawn at 3:00 P.M and went right back to bed. The kid just milked it.