The act of accidentally squandering several hours (or days) on your computer while not doing anything in particular. e.g., YouTubing “just one more” vid, re-filing mp3s, looking up friends of friends of friends on Facebook, wading through MySpace band requests, Tweeting randoms, browsing for the definition of your own name on the Urban Dictionary etc...
The activity distorts the time perception of the e-potterer in such a way that an apparent 1 min of e-pottering time equates to roughly 1.5 Standard Earth Hours (as perceived by partners, friends, family and the fascist time police at your place of work).
Dude 1 - Bro, you look knackered today were you out late partying?
Dude 2 - No such luck man, I was just up until 4am this morning e-pottering.