This term is used to describe any activity done for its own sake/pleasure. People seeing someone/something beezle will likely not understand why that person/creature/thing is doing whatever he/she/it is doing. Examples include: frolicking, climbing trees, most things done while stoned/drunk. Baby animals (and for some reason, squirrels, dolphins and whales) naturally beezle all the time.
It's generally considered complimentary, but just a little confusing...
Dude, Totoro is totally just beezling in that movie...
Your cat loves to beezle... it chased a laser pointer for an hour.
Yo, why are you climbing that tree?!?! Beezle....
Blunt. An inexpensive cigar (commonlyswisher sweet) which is cut, emptied of tobacco, and filled with marijuana. After this blunt is rolled, it is then smoked.