1) A mixture of being chill and relaxing which can include listening to mellow music, watching TV, getting on facebook, taking a nap or simply laying down.
2) The much cooler way to say "take a chill pill." Similar to "calm down." Used when someone is freaking out for no good reason and causing others to feel stressed or when someone is acting like a dumbass.
"I'm going to chilax for a while before I go out tonight."
"Chilax, it's not like I wasn't going to pay you back."
This word is a combo word. Chilax(1) mixes the two defintions of Relax and chill.
Also can be used in forms such as Chilaxin(2), or Chilaxed(3).
(1)Man would you just chilax, your makin a big deal out of nothin.
(2)Last night Johny and I, we was straight chilaxin, we didnt do a thing.
(3)Last week while I was on vacation a just chilaxed at the house.