A phrase used to indicate something is incredibly slow, that you could
take a nap by the time it finishes. It's usually used sarcastically and in
exaggeration of things that are
slower than they should be, but not literally long enough to take a nap (15 minutes or so).
Example:
"I might as well put it in park and
take a nap by the time this frickin' light turns green."
"This computer is taking forever to boot up. I could probably go get a coffee,
bang that secretary in accounting and take a nap by the time it's ready to go."
"You haven't finished yet? Damn, baby! I'm just gonna take a nap already.
Wake me up when you're done."
"Hey, waitress, we're just gonna take a nap over here. Wake us up when you finally get around to taking our order."