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1.
Technically it is a verb to describe the action of watching someone do a job that you can't, won't, and aren't doing while criticizing their work.

Informally...When a lazy MoFo stands around throwing shit at people that are actually getting the job done.
Damn Michael! Are you going to go up front and wait on those customers, or are you just stand there specthating while I fix this bike?
by Fastermouse May 11, 2011