The time you spend deciding what to do when you are on hold on the phone. Whatever you end up doing, it's most likely not going to be at all productive.
Billy: wat you doin?
Jimmy: i unno ive been on hold for 15 minutes i gotta take a leak but im scared of leaving the phone
Billy: haha that's hold time for you sucker!
to stop a conversation because you do not understand some thing
hold time, i thought you said you where out of town?