"Chillin' like a villain"
"Chillin', killin'"(Scary Movie)
OR for the extremely bored:
"Chillin', killin', and blood spillin' like a motha f**kin villain"
The "Like a villain" part of the phrase refers to how rich gangsters may choose to be enjoying some liquor, maybe some fine wine, smoking a blunt of kine bud (high quality marijuana), enjoying 'chill pills' like blue valium or xanax and most likely listening to some music just enjoying the moment.
It's in the same urban family of "just chillin'" which is kind of like
how a wine would chill...not frozen, just simply appreciating in value as time passes.
B: "Oh, you know the way I do it. Not much, just Chillin' Like a Villain here at the crib.
A:"That's what's up. Aright cool. Hey, why don't you come over to the house and we'll roll up a blunt, get high and drink on some of this crown I just bought?"
B:"Sounds like a plan to me. Give me about 30 minutes and I'll be out there."
A:"Cool, see you in a few. Peace."