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1.
Wasting time when you should be productive, procrastinating. Can also be used in a situation in which one or more persons are not paying attention the way they should.

As per others, can be used as a sexual innuendo.
Pat, stop pootycooting around and look here!

OR:
Paul and Leanna, that pootycooting should be taking place in private!
by adgasefsa March 09, 2011