1) the receptacle of your jackoff fluids, such as T-shirt, sock, or a 'Puffs-plus-lotion'.
2) a guy or girl so devoid of class and character as to be only useful for wiping your jackoff onto like a babywipe.
1) When they were finished watching each other, Angie said to Brad, "Hey, reach under the couch and grab me a sock. I need a Jackwipe."
2) "Bill showed up at Hilary's party Friday night--with a DATE!""Then they're both a couple of Jackwipes!" -- or -- "Old Mrs. Paul got her purse back from the guy and then stabbed him with her fishstick" "Good! That Jackwipe deserved it!!"