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1.
It is a verb, used in general conversation, in informal conversation. It refers to the act of talking, often rubbish, merely to pass time.

It draws its meaning from the drawn out process of chewing fat from a steak, as it is often a pleasurable experience since it tastes amazing, but also takes up time.
"The bus doesn't come for two hours."

"I guess we'll just chew the fat then."
by Als fremdsprache January 26, 2012
22 7
 
2.
To purposefully omit certain details from narrative or story, especially in gossip.
Girl, we don't have more than five minutes, so you better chew the fat.
by Nick8va March 13, 2011
28 24