How do I compute a variable in JavaScript if and only if it is used?

Using a function is your best option for now, however the new JavaScript standard (ECMAScript 5th Ed.) which is being implemented now by all major browser vendors, gives you a method to create accessor properties, where you can define a property with a get and set functions that will be internally called, without worrying to treat this properties as functions, e.g.:

var obj = {};
Object.defineProperty(obj, 'foo', {
  get: function () { // getter logic
    return 'foo!';
  },
  set: function (value) {
    // setter logic
  }
});

obj.foo; // "foo!", no function call

This new standard will take some time to be implemented for all browsers, (the IE9 preview version really disappointed me), and I wouldn't recommend you to use it for production, unless you have total control on the environment where your application will be used.

If only Internet Explorer didn't exist, you could use getters and setters as described by John Resig in this blog article:

• John Resig: JavaScript Getters and Setters

... They allow you to bind special functions to an object that look like normal object properties, but actually execute hidden functions instead.

How about using toString?

var foo = function() {
  function someComplicatedComputationThatMayTakeMoreTime() {
        //your calculations
  }
  return {
      toString: function() { 
           return someComplicatedComputationThatMayTakeMoreTime(); 
      }
  }
}

More about Object-to-Primitive Conversions in JavaScript

EDIT based on comment. Use a singleton (I think it's called):

myObject.prop = (function(){ 
                  function someComplicatedComputationThatMayTakeMoreTime() {
                   //your calculations
                  }
                  return { 
                    toString: function() { 
                     return someComplicatedComputationThatMayTakeMoreTime(); 
                    } 
                  } 
                })()