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peeling it

1) to be slacking off or doing absolutely nothing; being a slacker
2) to masturbate

from the Spanish: Se la esta pelando. (He is peeling it.)

Person 1: Man, just look at T-Rex. He's been sitting there all day just peeling it!

Person 2: No kidding! I wish I had a job like that!

by TitoBear June 11, 2007