A wankation is any day(s) off taken for the sole purpose of releasing steam and masturbating several times a day.
Applies to both males and females.
Jane: Hey John you've been very stressed lately, is everything okay?
John: Yeah, my boss has been busting my balls for the quarterly report deadline coming up. Luckily, I've got a long 5 day wankation coming up next week. My target is going to be 8 times a day every day, wish me luck.
Jane: Oh John that is impressive, no one has ever sustained that many wanks in 5 days. You are one lucky guy.
*John thinking to himself: Ummm, maybe I ask her Jane to join me, we can mutual wankation the hell out of each other*
Similar in utility to a Crematorium or Sanitarium, a Wankatorium is place where people go to pleasure themselves. They are commonly focal points for communities that engage in group masturbation. Well known establishments include the Peniston Wankatorium which hosts the annual Wankathon and the Fist of Fury competition. It is also popular for its group discounts on 10 wankers or more and it's COGOF offers (crack one, get one free).
I'm going the Wankatorium with my friends so we can engage in some flaccid chit chat