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1 definition by Skeeloiii

 
1.
The phrase is a play off "pervert" and "to wank." Literally, means someone who masturbates with perverted qualities. It is often used in a playful sense to label someone who is not shy about hiding his sexual appetite.

Can also be used negatively to label someone as a chronic masturbater or someone with immoral sexual desires; however, it is more often used in a playful sense.
Look at that old dude flirting with all of those young girls, what a pervy wanker.
by Skeeloiii March 05, 2011