How to answer the "So what do you do?" question

Paraphrasing from the movie The Social Network:

Hot Stanford co-ed, getting out of bed: Where do you work?
Lucky guy still in bed:  I'm an entrepreneur.
HSCE: So you're unemployed?

One thing that I've wondered about is if my social status would take a hit if I didn't have a full time job (I don't have that much social status to begin with). How many people would understand I did it by choice? Although analyzing the situation more, the lucky guy was asked that question the next morning. Continuing with the dialogue:

Lucky guy: You ever heard of Napster?
HSCE: Yup
Lucky guy: I invented it
HSCE: Wow, I slept with the guy who invented Napster.

The moral of the story: If you don't have a full time job by choice, you can increase your social status by doing something cool, even if it doesn't make money. I.E., if you're gonna quit your job, go invent Napster!

How to answer the "So what do you do?" question