'workaholic' is a genuine word (someone who works hard, perhaps excessively), whereas 'workafrolic' is a made up word (speaker has mixed 2 words). It would depend on the context of the preceding conversation what the speaker actuially meant. I've never heard the word used, myself.

As Greg says, a workaholic is someone that is, by definition, addicted to working. They work more than is good for them. It's sometimes used in a less serious way, to describe someone that just works a lot. "Workafrolic" doesn't exist as far as I know. I guess that it's a play on words - a pun. They have taken the word workaholic and invented a similar sounding word that means the opposite; frolic means to play about cheerfully. I can imagine someone trying to be witty and saying something like: - John's a workaholic, but Fred's a workafrolic. They would be saying that John works way to hard and Fred just messes about and doesn't get anything done.