Possibly slang for the word "conversing." Most likely used by people ignorant of the fact that the word is "conversing."
We was conversatin' and all that shit, right? and all of a sudden she told me to go to hell and I was like, WTF, biatch!
ayon kay Miss Take ika-17 ng Disyembre, 2003
This could perhaps be 'conversating' less the last letter. However, this definition does require the word 'conversating' to exist. It does not. Therefore it is far more likely thats it is a mispelled version of 'conversation'.
don't abrieviate words that dont exist, you spaz
ayon kay Jofra ika-23 ng Mayo, 2004