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1.
noun & verb. The act of asphyxiating oneself close to death whilst masturbating for the thrill of it. A fetish that can sometimes go a little too far by accident, leading to death.

Derived from "asphyxsia" and "wank" (British term)
The Conservatives cannot effectively comment on corruption, since they became the party of cash-for-questions, the extramarital affair and the fatal asphyxiwank
by Dijital-JB May 08, 2006
 
2.
The act of having a wank while asphyxiating one's self ala Michael Hutchence. Good times.
Jeremy had grown old with wanking. He'd tried all types. Regular wanks. Danger wanks. On buses. Trains. Bikes. All types. Now it was time to move onto the ultimate wank. The Asphyxi Wank.
by Pat Sharpe March 31, 2006
 
3.
The act of self-strangulation in both the literal and metaphoric sense - i.e. one hand strangling the neck, the other strangling the penis.
Can you come over to my place later? I want to have an asphyxi-wank, but I'll need someone to make sure I don't kill myself.
by mongger March 25, 2006