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It's a word put together from Chillin' and Relaxing. It actually means the same. If somebody should cool down you could say he or she has to relax or has to chill out. If you decide not to choose between these to, or you haven't made a decision while you already have to say the word, you say 'Chillax'.
It could also mean having a good time with your friends.
Woo man, don't get so angry, chillax a little!
or
Hangin' out with my homies today was super chillaxed.
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When you call somebody, and their answering machine comes on. However, you think the person picked up the phone so you start talking and telling whatever the reason is your calling. Seconds later you realize the other person is talking too and you just heard a beep, but you've already talked half the tape full and you screw up the other half by trying to explain what happened...
Also leaving a message that completely misses the point, and doesn't contain the reason you called or your name could be considered a fools message.
Dude, I called my date from last night but I totally left a fools message. I don't think she'll go out with me again...