We sat around? Rubbish (5)
I believe the answer is:
waste
'rubbish' is the definition.
(I know that rubbish can be written as waste)
'we sat around?' is the wordplay.
'around?' indicates an anagram (I've seen 'around' mean this).
'we'+'sat'='wesat'
'wesat' is an anagram of 'WASTE'.
(Other definitions for waste that I've seen before include "Rubbish, barren land" , "Useless leftovers" , "Spend to no purpose" , "Detritus" , "Not use effectively" .)