Green’s Dictionary of Slang

lazy adj.

1. used of the penis, semi-erect.

[US]San Diego Sailor 9: He had a lazy hardon.

2. (Aus.) anything one has gained without effort, e.g. money.

[Aus]R.G. Barrett Rosa Marie’s Baby (2013) [ebook] ‘I had no desire to curb your enthusiasm.’ Yeah. Or miss out on the lazy hundred.

SE in slang uses

In compounds

lazyboots (n.) [on the pattern of slyboots under sly adj.]

a lazy person.

[US]J.C. Neal Peter Ploddy and Other Oddities 177: [to a ‘corner lounger’] They sing out like good fellers, ‘Eh, waggybone! – Ho! ho! lazyboots! – hellow, loafer!’.
[UK]E. Gaskell Sylvia’s Lovers III 102: Nancy [...] is gone to her bed this hour past, like a lazy boots as she is.
[US]McCook Wkly Trib. (NE) 10 July 3/4: She says she don’t want to [...] work for a savage lazyboots.
[US]Sun (NY) 14 May 35/7: A similar proverb is, ‘Lazyboots working on a holiday’.
lazy J.

(N.Z. drugs/prison) marijuana that has been begged from someone else.

[NZ]D. Looser ‘Boob Jargon’ in NZEJ 13 32: lazy j. n. Marijuana that is bludged off someone else.
lazy man’s load (n.)

a load that is too large to carry properly, in an attempt to avoid two trips.

[UK]Grose Classical Dict. of the Vulgar Tongue ms. additions n.p.: Lazy Mans Load a Lazy man will take up more than he can carry, to save the trouble of coming twice for it.

In phrases

lazy as Ludlam’s dog (adj.) [? according to Brewer Ludlam was a Surrey witch whose dog was so lazy that even when strangers approached it failed to bark; but poss. simply alliterative; note synon. Cornish ‘lurgy as Ludlow’s dog’]

very lazy.

[UK]Grose Classical Dict. of the Vulgar Tongue ms. additions n.p.: Lazy, as Lazy as Ludlam’s Dog who leaned his head against the wall to Bark.