A polite way of telling someone you haven't heard a word they said. Commonly used on long conference calls, when the speaker is monotonous, boring, or couldn't make a point of one were drawn for them.
Joe: "Blah, blah corporate office blah, blah, leverage proactively blah, blah human capital and grade-A synergy, blah, blah. Do you agree, Jim?"
Jim: "I'm sorry, Joe, I was multitasking, can you repeat that?"
A phenomena in which everyone on the ski lift has a flask of booze and shares it with the rest of the chair.
G: Dude, why is your bloody leg bone sticking out of your ski pants like that?
B: No idea dude, it might have been the multi-flasking I indulged in prior to the bunny hill.
The ability of some to change their facebook status, comment on someone else's status, like/dislike someone's status, add a photo, add to someone's wall, etc. on more than one electronic device at a time.
Dad: Where's your mom?
Tristan: She's on the computer, again. Changing her status or something.