a georgasm is a type of orgasm experienced whilst in the proximity of anybody who goes by the name of George. Hence the term Georg-asm. It is usually triggered by something 'George' has said or done, maybe a bad joke and BAM! you're having a georgasm.
an orgasm that occurs whenever one looks at the sexy George W. Bush.
while looking at a picture of GWB in his flight suit from a few years ago, Peggy Sue moaned "damn, he looks really good." in reply to that, Suzie Q said "i think you just had a Georgasm" Peggy-"wow...i think i did!"