1. The realisation that you have behaved like a total Wanker.
2. A life changing epiphany during the act of masturbation.
A: "I've just realised that my girlfriend may not have appreciated me having sex with someone else."
B:" An excellent wankiphany my friend."
2. (during masturbation) "There should be a word for the great ideas that I have whilst pleasuring myself...wankiphany?"
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