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To relax and chill out at the same time.
We can chillax downtown after work.
chillax by Rachelle2 July 21, 2005
Australian expression mixing "chill" and "relax"
Chillax mate, it aint half so bad
Chillax by Manxie April 13, 2007

chillin like a villain

i haven't heard this expression as much as "chillin like dylan" as in blissfully smoked out as the man himself has eloquently glorified in his music and ahhhhh.... chillin'.....
origins of english slang word:

Chill: To keep ones cool or to chillout

Relax: To sit back and enjoy the moment
Thus being a combonation word
Man your getting your pantties all in a knot, why not just sit back and chillax
Chillax by Richard Caron February 13, 2004
I got to Chillax, I am constipated bad! I need a productive BM
Chillax by Bunghole_mister June 16, 2010
Chillax means to chill out and relax, take it easy, kick back
Man coming out of a bar with his friend,gets stressed out over a parking ticket, his friend says "chillax Dude, at least you didn't get a D.U.I.!" chill relax
Chillax by DaAntMan303 June 17, 2010