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1.
The phrase is a play off "pervert" and "to wank." Literally, means someone who masturbates with perverted qualities. It is often used in a playful sense to label someone who is not shy about hiding his sexual appetite.

Can also be used negatively to label someone as a chronic masturbater or someone with immoral sexual desires; however, it is more often used in a playful sense.
Look at that old dude flirting with all of those young girls, what a pervy wanker.
by Skeeloiii March 05, 2011
 
2.
a great name to confuse someone who is annoying you!
they have no clue what it is, and well, you get a great laugh at them wanting to know what it is! and when they ask just tell them that they are pervy wanker!! :D
ashaya: ASHTON YOU PERVY WANKER!! LEAVE ME ALONE!!
ashton: What!!!!???? whats a pervy wanker!!??
ashaya: You are a pervy wanker now leave me alone!!!

ashton:WHATS THAT!!!??
ashaya: Whats what??

ashton: YOU KNOW WHAT!!
ashaya:noo.... jeez ashton you pervy wanker!!!
by ShayaSaurasRexx April 23, 2010