"Nah man, I've been procrasturbating"
"I have alot of homework to do tonight, I'm probably going to break down and procrasturbate"
2.) To screw oneself (figuratively) by not doing work when one should be.
I can see why nothing gets done in the house; Suzy often tends to procrasturbate by watching The Notebook over and over again.
replacing a responsible and necessary action with masturbation.