a Portmanteau of the words Chillin + Relaxing + Procrastinating. A favorite at many college campuses on weekdays.
Dude 1: Did you do that physics homeboy dawg?
Dude 2: Na Na foo, I be straight chillaxinatin
Dude 1: Man, you're such a slacker.
Dude 2: Mayne, you're such a fag.
Motherfuckin' Chief Executive Officer.
The term was popularized by the one and only Kenneth (Kenny) F. Powers, who after exercising his K-Swiss stock option, went from functioning derelict to MFCEO of K-Swiss.
Konichiwa bitches, I'm Kenneth Powers, the new Motherfuckin' CEO (MFCEO) of K-Swiss.