look up any word, like cleveland steamer:
 
1.
You're not getting it till Christmas.
"Layaway, that means you're not getting it till Christmas," Actual quote
by TotoDrake March 11, 2009
 
2.
The act of keeping contact with a guy/girl that you find interesting but don't want to date, usually once a month - in the hope that they will stay free from other attachments, and you will remain fresh in their memory.
Kurt: "Have you spoke to Annie? I saw her yesterday and she looked really hot"
Tim: "Yea, I have that chick on layaway."
Kurt: "I would have layawayed her too."
by poshloks July 29, 2011
 
3.
To put a member of the opposite sex on reserve for a future sexual encounter; Emphasis on Lay.
"So you tappin' that?"
"Nah, she's only seventeen, I've got her on Lay Away"
by Marcus N. December 14, 2007
 
4.
When you get on an underage girl's good side so that once she becomes legal, you can get her in the sack.
Man, I got the Olsen Twins on layaway...life's gonna be so good in a year...
by mawz April 01, 2003
 
5.
The act of keeping a cute chubby girls number, knowing that she has a gym membership, and calling her in 2-3 months hoping she shed the chub.
"Kristina is cute and all, but I just don't like chubby girls."

"She just started going to the gym, why don't you just keep her on layaway for awhile?"

"Hmmm, good idea!"
by Sdotmosa March 26, 2010
 
6.
Someone who claims to be bisexual, but is clearly on the path to being fully gay later in life.
"P.C. from NYC prep is definitely on layaway. You know, Bi now--Gay later..."
by Leh1030 August 11, 2009