Used in place of the honest excuse "I don't want to do that with you" - typically due to hangover.
"Dude, I can't go skiing with you because my furnace is smoking"
A person that feeds off the government teat with out having earned it (Social Security, Food stamps, welfare) - those with no intention of bettering their role in society and expect government handouts.
Rikki's a real layabouter, he got an Escalade, a trailer, and a bunch of hos and he ain't never worked a day in his life.
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