Facewasting is the act of wasting a ridiculous amount of time on FaceBook, sat there staring at the bottom right-hand corner of the screen for a "notification". This type of behavior is often shown by people with little or no social life
Oh God, I need to get some friends and stop spending my time facewasting!
(v.) fusion of the noun, facebook, and the verb, to stalk; to stalk members of the facebook community so frequently that one cannot waste the time uttering the two separate words for the unbearable thought that during the slight pause between "facebook" and "stalking," more than one person may have updated their profile.
"OMG, I was totally facebalking this afternoon and saw that so-and-so wore your dress out last night on a date with your ex-boyfriend!"