The act of keeping contact with a guy/girl that you find interesting but don't want to date, usually once a month - in the hope that they will stay free from other attachments, and you will remain fresh in their memory.
Kurt: "Have you spoke to Annie? I saw her yesterday and she looked really hot"
Tim: "Yea, I have that chick on layaway."
Kurt: "I would have layawayed her too."
The crafty art of hiding an item you want (but cannot afford to buy) in a carefully chosen place somewhere within the store to ensure the item will be there when you're able to return with the money. A way for someone with inadequate or no money to "reserve" an item for themselves at a later date. Anyone who's ever been poor has done this at least once in their life. Also known as "squirrelling".
Joe: "Ma sent me out to the drug store for her tampons yesterday, and that's when I found the cd I've been looking for, but it was the last one in the store. After the tampons, there wasn't even enough left for a damn Coke, that stingy, bloody-twatted bitch!!"
Joe: I wanted to steal it, but you know, the whole "3 strikes" thing. So I found a spot in the store to put it on poor man's layaway until next Friday, when I get paid.