1. To be idle or slothful; to be totally inactive. I don't want you loafing away on this sofa for the whole weekend, young man! After a long week of work, there's nothing I like better than to loaf away for a while with some video games or movies.
2. To pass a certain amount or period of time by being very lazy or idle. In this usage, a noun or pronoun can be used between "loaf" and "away." Too many kids just loaf the summer away in front of their computers or televisions. In my 20s, I would spend every Friday and Saturday night at the bar with my friends, but now that I have kids, I just want to loaf away the evenings at home.
loaf something away
to waste away a period of time. You have loafed the entire day away! He loafed away the entire day.