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1.
The gesture of masturbating in the air, invariably male in orientation, and usually expressing a lack of impression or excitement. Often shown with asterisks bracketing indicating action, like so:

*air-wank*

Not to be confused with *air-rub*.
A: I'll bet you five bucks you can't get a date with that fat chick over there.

B: *air-wank* Are you kidding me? I've got a whole cooler full of Ben & Jerry's in the car when the truffles in my pocket run out.
by Mr. Scumbag to you February 18, 2010
 
2.
the art of miming the act of masturbation, must like air guitar but instead you are playing your man instrument.
dude 1: "woah! that was the greatest air wanking ive ever seen!"
dude 2: "thanks! i practise hard every day!"
by cock up the wrong one November 24, 2007