What is Peeling It?
1.
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!
See
