Source : WordNet®

wank
     n : slang terms for masturbation [syn: {jacking off}, {jerking
         off}, {hand job}]
     v : get sexual gratification through self-stimulation [syn: {masturbate},
          {fuck off}, {she-bop}, {jack off}, {jerk off}]

Source : Free On-Line Dictionary of Computing

wank
     
        /wangk/ [Columbia University: probably by mutation from
        Commonwealth slang "wank", to masturbate] Used much as {hack}
        is elsewhere, as a noun denoting a clever technique or person
        or the result of such cleverness.  May describe (negatively)
        the act of hacking for hacking's sake ("Quit wanking, let's go
        get supper!") or (more positively) a {wizard}.  "wanky"
        describes something particularly clever (a person, program, or
        algorithm).  Conversations can also get wanky when there are
        too many wanks involved.  This excess wankiness is signalled
        by an overload of the "wankometer" (compare {bogometer}).
        When the wankometer overloads, the conversation's subject must
        be changed, or all non-wanks will leave.  Compare
        "neep-neeping" (under {neep-neep}).  Usage: US only.  In
        Britain and the Commonwealth this word is *extremely* rude and
        is best avoided unless one intends to give offense.