Genuinely doing "jack shit" all day. "Jackshitting" is often referred to as "[procrastinating", but [procrastinating implies you actually have something to do, while you jackshit without having to have a life.
Susie: "James you wanna go paint drying?"
James: "Nah, I'm okay. I think I'll just jackshit here on the couch."
Susie: *sigh* "You're always jackshitting about."
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).