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1.
A friendship that is based on masturbation. The two friends talk about masturbation and frequently masturbate while talking to each other.
Person 1: Have you heard about Joe and Anna's masturbationship?

Person 2: What's that?

Person 1: They total wank over each other and talk about wanking and stuff.
by LovesickGoat July 29, 2011
 
2.
A not so popular but a more accurate way of stating you're currently single.
Arthur: So, how is your sex life?

Louis: Well, I am currently in a masturbationship, so it's GREAT!
by Easytoplease September 19, 2011