An extended break or hiatus from work, school or whoever bothers you, to go rip some turns by means of skis or a snowboard. Derivative of Sabbatical, but without getting paid.
1. Bro! I’m on skibbatical! (another way of saying “I’m unemployed!”)
2. Boss, I'd rather be on skibbatical than do more **** for you! (another way of saying you're soon to be unemployed.)