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Penis Sharpening 

When low and middle level managers and supervisiors stand around and brag up various achevements and decisions that to any rational outside observer appear highly overrated at best and approaching fiascos at worst.
Geez Dennis and Jim have stood around all day penis sharpening about what they did during the blizzard.

sharpening the pencil 

the act of when while a girl and a guy are having sex the guy lays down and holds his dick straight as she spins as she goes up and down.
Yo dude me and that girl were sharpening the pencil last night.
sharpening the pencil by big mike5334 September 26, 2010

sharpening my mustache

Smoking weed
I have been caught sharpening my mustache in college.
sharpening my mustache by Joesippy November 12, 2014

shappening 

what's happening (based on the ellipsis "sup")
Person 1: Shappening?
Person 2: Nothing much, how 'bout you?
shappening by Timato Five March 17, 2004

Over Pencil Sharpening 

The term used to describe a person who sharpens his/her pencil every 2-5 minutes, (because they always want it sharp as it can get) resulting in their pencil ending up 2 inchs long the next day.
My friend always over sharpens her pencil. She is Over Pencil Sharpening.

grinding their axes and sharpening their pencils

Pretending or appearing to be busy while doing nothing.

The inability to accomplish a task due to laziness, incompetence, political posturing, lack of ability, stubbornness or other reason that has no relation to the problem at hand.

Worthless posturing, yelling and fighting among politicians that comes to nothing when they are done.
Congress spend 8 months grinding their axes and sharpening their pencils and were only able to reduce the national debt by $10.