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1.
A mixture between the terms "Chill" or "Chill Out" and "Let's Lounge" or "Lounge".
"Dude let's go chillounge until we see your bitches whippin by."
by xboxmods September 09, 2006
 
2.
(verb) A sophisticated mix of chilling and lounging.
What did you do last night?
I chillounged...
by t P March 24, 2008