To lounge; to idle away one's time. The verb is of still more recent origin than the noun.
The Senate has loafed away the week in very gentlemanly style.--N. Y. Com. Advertiser, Dec. 1845.
One night Mr. Dobbs came home from his loafing place--for he loafs of an evening like the generality of people.--Neal's Charcoal Sketches.