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2.
The act of remaining seated while a nearby phone rings.
I was sitting on my ass at the computer when the phone began to ring, and I decided I was to lazy and interested to get up and answer it. To make matters more annoying; the person called back twice, and hung up at the answering machine so that a dial tone echoed throughout my house for three seconds.

"Phone sitting is hilarious."
by Ken Popov December 12, 2007
 
1.
The act of waiting on a very important phone call. "IN THE OLDEN DAYS" (i.e., roughly two decades ago) this act would necessitate that a person remain home, near the phone, engaged in quiet activities. While phone sitting, you would have to quickly disengage yourself from all calls other than the expected one. Even walking down to the driveway may result in missing that oh-so-very-important call, such as from a perspective employer. This annoyance has become much less common in the past twenty years thanks to caller ID, call waiting, voice mail, and cell phones.
1) "I cannot go out tonight, I put a classified ad in the newspaper and now I am phone sitting."
or,

2) "He said he would call me back about the new job. I cannot turn my cell phone off because I am phone sitting."
by The Original Korrin February 15, 2010
 
3.
a practice refined by "captain morgan".........drunken action where your cell phone is up your ass while you act like a biatch thinking about doing the brad.
Morgan was in deep phone sitting on new years eve while dreaming about doing the brag at the Borgata
by the lobe January 03, 2005