The act of keeping contact with a guy/girl that you find interesting but don't want to date, usually once a month - in the hope that they will stay free from other attachments, and you will remain fresh in their memory.
Kurt: "Have you spoke to Annie? I saw her yesterday and she looked really hot"
Tim: "Yea, I have that chick on layaway."
Kurt: "I would have layawayed her too."
Tim: "Yea, I have that chick on layaway."
Kurt: "I would have layawayed her too."
by poshloks July 29, 2011