1) A port-manteau of procrastination and masturbation.
2) The act of masturbating in order to put off doing something else for as long as possible (not always an intentional practice).
First guy: Did you pay the rent?
Second guy: No, I was too busy masturbating.
First guy: You have to stop your procrasturbation, dude!
Mom: "Jimmy, are you done with your project that's due tomorrow?
Jimmy: "Ummm, almost mom."
Mom: "Jimmy quit procrasturbating, you're gonna fail your class and go blind!!"