Exactly. When things are this fucked up at a company, you are under no obligation whatsoever to perform adequately, or act ethically otherwise (with regard to normal strictures against, say, taking phone calls or long "lunch breaks" to look for work on company time).

You'll probably want to cover your ass at least, and not be too obvious about it. But bottom line, you owe nothing to them by this point -- and you owe it to yourself to find yourself a better future, as soon as you possibly can.

Good luck.