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1.
to work on a menial task at a pace where you will (or won't) finish, until your shift ends, for instance.
Normally it wouldn't take anyone 2 hours to clean the bathroom, but George milked it out so someone else would have to clean the broiler during closing.
by Andy Mack April 12, 2005
 
2.
An Australian term for a cold day, derived from being so cold that you can accidentally or intentionally leave the milk out of the fridge without it spoiling.

This term also can be used to describe a rare occurrence, similar to once in a blue moon, as it being cold enough for milk left out in Australia not to spoil is a rare occurrence indeed.
What a milkout day! It must be -2 out!
by Whatsinaname March 20, 2012