to chill yourself the fuck out, to calm yourself down, to quit worrying needlessly. Used primarily by seasoned stoners when dealing with a younger, more inexperienced smoker who is freaking out.
"We smoked with Chris yesterday and he started freaking out so we told him to relaxipate and embrace his high."
A redneck equivalent of the more common word "relax." Usually used by rednecks in situations that a person smarter than them appears to be under high stress.
"Girl, you needta just stop a'hoopin' and a'hollerin' and go ahead and relaxate."