v. (chill-uh-brate): 1) to celebrate a significant event in a very relaxed manner; 2) to celebrate an insignificant event in an appropriately insignificant manner.
Instead of going out this New Years Eve to a loud club, I think some friends and I will just stay in and chillabrate.
When my co-worker comes back off her maternity leave, I'm going to buy her a burrito for lunch and chillabrate her return to work.
When one is experiencing extremely high levels of various emotions that may agitate another person in their company and really needs to just chill out or relax, the annoyed party in their presence can tell them to take a chillaxative, therefore rendering it appropriate for that person to fully let go and purge their stresses until they reach a serene state of calmness.