The act of one pleasuring themselves in a sexual manner while viewing Kevin Bacon's various cinematic performances or just looking at a photograph of him, or even just thinking about him. Usually this involves popcorn due to the cinematic nature of the pleasuring. Some people find themselves attracted to Kevin Bacon, while others find him somewhat creepy and repulsive. Kevin Bacon can be viewed however you would like to view him; either while masterbaconing or while pretending to gag yourself in disgust. Often after masterbaconing one will start playing the game The Six Degrees of Kevin Bacon.
I went over to Susie's house yesterday after school, the movie Wild Things was on and it was the shower scene with Kevin Bacon, and she was totally masterbaconing.