Depends how enlightened your employer is. We've got a HarborMaster high score whiteboard in my cube, and one of the guys in the next cube over was showing us his Starcraft 2 Beta skillz today. Nobody bats an eyelash when I get into work at 1 PM and leave at 10 PM.
It's an issue if you aren't working at all, but as long as you're getting your work done and your job function doesn't require client contact, why should your employer care?
The author is a student at Michigan Tech (not sure if/where he has a job). I o_0'd a bit at taking this particular week off, since this week was final exams. Whatever works for him, I guess...