While "to wank" means "to masturbate", the term "wanker" is seldom if ever used in British slang to denote "one who wanks". It is quite wrong to infer from somebody's being a wanker that they in fact wank (and vice versa), but of course, fair to assume they do in any case. Herein lies the genius of the insult: if you call someone a wanker, it's probably true, but only literally.
I suppose it all originates from our repressed Victorian sexualities, from back when everybody thought they were the only ones to suffer the secret shame of being an actual wanker.
(end quote "anonymous")
Wanking = self gratification, self importance
In Australia, wankers are people who believe that they are better than you because they have a better car, wife, children, life, etc, than you.
Wankers are always "mentors" and never "proteges".
Wankers never engage in self deprecating humour.
Wankers never make mistakes.
Wankers are our superior.
Wankers tolerate our existance.
Wankers believe they are our "gods".
Wankers are "cool".hehehe
Your computer friend "Magnum One" is very self confidant, isn't he ? Yeah, he's a wanker for sure.