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1.
Someone you meet up with online and masturbate with on cam. There are two likely outcomes to this situation- you either eventually get over each other, or eventually get under each other. It depends on how excellent and sexy the wank buddy is as to which you will allow to happen.

A classic mistake is performed by the "one sided" wank buddy- ie, only one person puts on their cam and relies on the snazzy wording of the other person to get them off. When they eventually see the other person, they usually turn out to be a middle aged fat man eating a bag of doritos with the same hand he's wanking with. This leads to suicidal moments and feelings of being deeply unclean. TAKE NOTE- Screen your prospective wank buddy before you take off your pants and get stuck in.
"No, I don't want to watch Glee with you, I've got plans with my wank buddy"

"Thank God I've got a wank buddy, or I'd just cry myself into a sexless and frustrated sleep"
by MagickDio March 04, 2010
35 7
 
2.
A friend (usually male) who you meet up with and masturbate each other. May also include other activities depending on the persons involved.
John is Steven's Wank Buddy.
by ABP1976 January 13, 2009
39 12