Used also to describe someone who is taking their time in a lazy manner. This is akin to saying that someone was lazy for an undefined period of time (see putzing, putzes, or putzed).
To change or alter something haphazardly in order to observe a result. Often done with no significant goal in mind and as a form of wasting time. Interchangeable with "dick around".
Someone who putz's with equipment on a regular basis instead of contributing a in useful manner may be called a putz monkey.