A port-manteau of 'Cybersex' and 'Motorboating', meant to symbolise the virtual motorboating of a person via written text on a social networking platform (such as Facebook or a chat application). It is a playful term and can apply to either a man or a woman, with the respective motorboated zones usually being the crotch on the former and the cleavage on the latter; just like in irl motorboating.
Status update: "Happy birthday! Consider yourself cyberboated, you hot piece of crotch tosh!! *wink*"
Ever since my fag hag went backpacking overseas I've had to settle for mere cyberboating :(