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1.
The state of doing absolutely nothing and having fun doing it. Contrary to popular belief, cold chillin' does not require intoxication by weed, alcohol, or anything else.
Dude-"Hey man you goin on the trip to New Orleans next week?"
Me-"Nah man I'm cold chillin'. Have fun dude."
by McClelland March 25, 2007
 
2.
to perform the act of ingesting psychedelics in any of its creative edible forms; while psychedelics are required in the equation, marijuana and alcohol are not, although they are commonly found in most of the instances of "cold chillin"
Billy "Yo dude, what's up today?
Manny "Shit...dude...cold chillin"
Billy "Shit"
Manny "Shiiiit"
by yesyoudid January 29, 2011
 
3.
cold chillin' is performing the ultimate waste of time. To cold chill requires ample quantities of alcohol and/or marijuana, and of course those from which meaningless sex might be obtained.
Person 1: Yo, what you up to tonight?
Person 2: Shit, cold chillin'
by J.Reezy April 29, 2006