fritter

from The Century Dictionary.

• To cut, as meat, into small pieces: also used figuratively.
• To break into small pieces or fragments; wear away, as by friction; lose in small pieces or parts.
• noun A small cake of batter, sometimes containing a slice of some fruit, clams or oysters either chopped or whole, or the like, sweetened or seasoned, fried in boiling lard, and served hot: as, apple fritters; peach fritters; oyster fritters.
• noun A fragment; a shred; a small piece.
• noun plural Specifically, in whale-fishery, tendinous fibers of the whale's blubber, running in various directions, and connecting the cellular substance which contains the oil.

from the GNU version of the Collaborative International Dictionary of English.

• noun A small quantity of batter, fried in boiling lard or in a frying pan. Fritters are of various kinds, named from the substance inclosed in the batter.
• noun A fragment; a shred; a small piece.
• noun See under Corn.
• transitive verb To cut, as meat, into small pieces, for frying.
• transitive verb To break into small pieces or fragments.
• transitive verb to diminish; to pare off; to reduce to nothing by taking away a little at a time; also, to waste piecemeal

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun A dish made by deep-frying food coated in batter.
• verb intransitive To occupy oneself idly or without clear purpose, to tinker with an unimportant part of a project, to dally, sometimes as a form of procrastination.
• verb transitive To sinter.
• verb transitive To cut (meat etc.) into small pieces for frying.
• verb transitive To break into small pieces or fragments.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• verb spend frivolously and unwisely
• noun small quantity of fried batter containing fruit or meat or vegetables