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1. lolly gag
To waste time, mostly by doing insignificant tasks for self ammusement. Also could be thought of as a slang for masterbation.
Jon lolly gag's before work.
2. Lolly gag
The art of deep throating. Derived from the use of lollipop in Lil Wayne's song "Lollipop".
Guy 1: Heard you hooked up with that blonde last night! How was it?

Guy 2: It was amazing! That girl can lolly gag like a champ!
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