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1.
Concatenating the words 'wank' and 'masturbate' to form an extreme version of intense masturbation.
'The instant I saw her naked I had to nip to the loo and wanksturbate myself silly.'
by Kodanshi Helcarver September 26, 2011
 
2.
Formed by combining the two words 'wank' and 'masturbate.'; The same meaning as masturbate.
Tom's wife doesn't have sex with him very often, but he always finds time alone to wanksterbate.
by Jordan Miller April 24, 2005