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1.
the process of masturbating immediately after your hand/arm has become numb either naturally, from a shot, or from sitting on your hand on purpose. Its main purpose is to make it feel like you're not jacking off by yourself in a dark room watching a porno that you've already seen dozens of times.

Also mentioned on the Comedy Central tv show, "Ugly Americans"
-Dude, have you ever done the Phantom Spank?

-What's that?

-Are you kidding?! It's only the best masturbation method ever created!
by That One Freakin' Awesome Guy April 24, 2010
 
2.
To spank a hot ass using mind powers.
"Dude, i just phantom spanked her !!!...AWESOME"
by George Kuruvilla Naveen September 15, 2008