To do completely unproductive things (surf teh interwebs for pictures of pugs in clothes, watch an entire season of Dr. Who, eat massive amounts of chicken wangs) for excessive amounts of time, especially while in a ridiculously relaxed/possibly unhygienic state.
v. To indulge in an extravagant expense that is unnecessary. To behave or act in an improper way; to be stupid or to do things without thinking ahead of time.