The verb masticar simply means "to chew". It's quite similar to the English word "masticate", of the same meaning; except that unlike the English word, it generally isn't confused with another word of similar sound, but of a very different meaning :P. If you go to a parrillada (Argentinean steak house), and you get a particularly tough piece of meat, then you might think to yourself "voy a tener que masticarlo por mucho tiempo" (lit: "I'm going to have to chew this for a while"). Note that in Spanish, they have a different word for "chewing-gum": they call it chicle.