(V): Readsturbate; The act of reading a pornographic magazine, usually playboy, with the intent to masturbate to the images, but instead getting caught up reading the articles.
(Adj): Readsturbating; the act of being engaged in readsturbating.
Ted: "Dave's been in the bathroom a while. I saw him go in with a playboy, but it's been over two hours."
Ned: "Oh, he's probably just readsturbating."
Dave: "You two get away from the door, I'm trying to readsturbate here!"