WordNet (r) 3.0 (2006):

fool away
    v 1: spend frivolously and unwisely; "Fritter away one's
         inheritance" [syn: fritter, frivol away, dissipate,
         shoot, fritter away, fool, fool away]

Moby Thesaurus II by Grady Ward, 1.0:

18 Moby Thesaurus words for "fool away":
   blow, blunder away, consume, dally away, diddle away, dissipate,
   dribble away, drivel away, fritter, fritter away, idle away,
   muddle away, piss away, potter away, squander, throw, trifle away,
   while away