Fumbling about and
goofing off, being as unproductive as possible, usually when something
important needs to be done such as filing the
paperwork Johnson handed you before lunch.
Also can refer to when someone is annoying the shit out everybody within a 50 foot radius, all the while thinking they are in fact making others laugh.
"Man we need to get this project finished, ASAP"
"Yeah but we'll never get it done, Zack is
over there knocking off."
(Kid is dancing down an
obviously crowded hallway and bumps into someone trying to mind their own business)
"Hey man quit knocking off!!!"