Mutual masturbation involving at least two, usually three or more men, done for either pleasure or orgasm. Typically done sitting or standing with each man involved stimulating at least one other man in the group, hence the plural "noodles". Similar to a circle jerk or other group masturbation, but with no one only masturbating them self, and all the parties being male.
Guy #1: How was your date last night? You two hook up?
Guy #2: Even better! We had dinner at an Italian restaurant. Then afterwords he and I picked up the waiter and we all went home and whacked each other off!
Guy #1: Wow, nice job! Tossing the noodles is a blast!