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2.
a tedious exploit, waste of time or otherwise disappointing activity
going to that club was complete arse-wank
by dilbert scrunchie June 11, 2003
 
1.
The process of masturbation that involves inserting ones own penis in ones own anus.

It is often used in the same way as the word 'wank', to say that something is bad.
"Music these days is absolute arsewank"
by Humphro March 25, 2004