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1.
In the game Team Fortress Classic or similar Quake-based game, a rite that is performed to initiate trash talk and bestow shame upon the receiving player within the current match or game. Sometimes comes in the form of doubles or, very rarely, triples.
Player #1: "OHHHHH, AIRSHOT"
Player #2: "Yeah I didn't feel like strafing out of the way. Lucky sho-"
Player #1: <Insert witty bind here>
Player #1: <Insert witty bind here>
by RaXoR246 May 24, 2010
 
2.
The act of ejaculating without producing any tangible substance which can be defined as semen.

When a man reaches orgasm instead of the expected outcome his penis releases a variable amount of compressed air.
Greg: If you air shot 50% of the time would you go to the doctor?

Rico: If I air shot once I'll go to the doctor!
by RicoChinook July 16, 2010
 
3.
Drinking shots like they were filled with nothing but air.
Ellen's knocking back air shots like there's no tommorrow. Wait, no, shes puked.
by .:Pikey:. May 12, 2007