To be bored shitless and doing nothing at all.
Person #1 - "So what're you doin today?"
Person #2 - "Nothin... just jackalacking around the house."
(noun) One known for being less than intelligent. Having a low I.Q. and usually acts in a very retarded manor. Also used as a "G" rated version of jack ass.
Butlers wife beat him down for being a jackalack!