the act of aimlessly exploring and in general wasting valuable time on facebook in lieu of being productive in such activities as homework, napping, etc.; usually applicable to college students
John knew that he had a sociology midterm and english paper due the next day, but ended up facebookrastinating most of the night instead.
The act of facebooking while simultaneously attempting to compose an essay on microsoft word or other such program.
Time allotment tends to be 99% facebook, .5% going to the bathroom when you don't have to, .4% staring blankly at your essay, and .1% making up excuses for not having your essay.
Friend on facebook: Hey d00d what is up? I haven't talked to you in 4 ever! Lawl I just totally got a new pencil sharpener, want to hear about it?
Facebookrastinator: YES
Friend on facebook: You're not just facebookrastinating, are you?