That is how relief pilots refer to their job. For long flights, the regulations do not consider two crew to be sufficient. There is required to be an additional pilot available. These relief pilots are qualified to the same standards as first officers, but paid less. They do not conduct take offs, and normally do not land, unless a regular crew member is incapacitated.
If you stop and consider that the autopilot is engaged for the cruise portion of the flight, you realize why they call it Dozing for Dollars. Whatever pays the bills. I'd have to moonlight to keep my hands and feet on the controls, though. I mentioned the term Dozing for Dollars to a friend who is a long haul captain, and he instantly provided two synonyms: Bunking for Bucks and Yawning for Yen. I guess one method of passing the time is to come up with creative new ways to describe what you're not doing.
Maybe I should re-think my flight attendant pay equity post, eh?
Oh, and did I show you this funny clip? (Safe for work, includes audio).