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1.
When an Alaskan (or anyone, really) either:
If male, cuts a hole in the ice in a lake and uses the hole as a fake vajayjay for masturbation.

If female, cuts a chunk of ice out of a lake and uses the chunk of ice as a fake peeweeheehee.
Guy: Dude, I'm so horny.
Friend: Why don't you do some Alaskan Masturbation?
by ShowMeUnicorns January 08, 2011