This versatile term is used to exaggerate slowness of time, procrastination, or general suckiness of an event or activity. Derivitive of the phrase "dragging balls."
James: "Dude, how long until this class is over?"

Marc: "About half an hour."

James: "WOW, seriously? We've been here for like two weeks! This class is dragging balls across the desert."
by McClaggenfeldson April 16, 2009
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