chilling out, being so chilled that you can't can only be bothered to say one word instead of two.
for when you are super mega chilled.
me: what are you doing ryan?
ryan: im just chilloughton.
sarcastically making fun of an idiots mistake. designed to make them feel like shit and make you feel like a bigger, better person
craig: damn it, i just drove my car into a tree!
josh: smart one, dumb one..