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1.
(noun) One known for being less than intelligent. Having a low I.Q. and usually acts in a very retarded manor. Also used as a "G" rated version of jack ass.
Butlers wife beat him down for being a jackalack!
von fox_cri 12. September 2007
 
2.
To be bored shitless and doing nothing at all.
Being lazy.
Person #1 - "So what're you doin today?"
Person #2 - "Nothin... just jackalacking around the house."
von Kain 10. Dezember 2003