Analyzing copious amounts of data.
(and since you obviously don't have time in your sentence to explain you have to work-up data - because you're a busy graduate student - you have to combine words)
Grad student 1: Hey, what are you up to?
Grad student 2: Oh, I'm just datalyzing. I think I will have to datalyze all day long.
The topic today, class, is datalysis - how to cope with data analysis.