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1.living the dream is a term used by many Arwing Marines sarcastically refering to how there day is going or how there life is at that point in time.
Marine 1: how are you doing?
Marine 2: im living the dream.
by Cpl Passetto October 05, 2007
Phrase describing the act of doing something that has relative significance to you and your closest companion that would seem pathetic and sad to most other people. ironic.
Sitting in the back parking-lot of a Japanese restaurant, John pours stolen vodka into a vitamin-water bottle.
Sally: We're living the dream!
by Felix Redman January 13, 2007
Live in a hill-top mansion, driving various (sports) cars. Having the greatest time of my life, in the greatest city's and resorts the worlds has known. Have to much women on my hands to even do..
group of ricer boys: what's up with his live?

Guy#1 Man, respect! He is just living the dream !
by TheD. March 27, 2007
to be in the act of smoking something.
specifically cigars and marijuana
hey eric, are you up for living the dream a little later today?
by yeaboiiii January 11, 2008
having anal sex with a girl and pulling your cock out and letting her suck it
by adam f May 26, 2003