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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
(verb) A sophisticated mix of chilling and lounging.
What did you do last night?
I chillounged...
by t P March 24, 2008