To waste otherwise valuable time in self-stimulation of the genitals, or more metaphorically, to waste time doing something unrelated and unimportant to the task at hand; it must be of great interest/pleasure to oneself but only to oneself (which separates it from procrastination) and must have no real positive or substantial upshots.
Keane should be writing an essay but he's procrasturbating.
I can see why nothing gets done in the house; Suzy often tends to procrasturbate by watching The Notebook over and over again.
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