A play on the act of a good old fashioned corporate ass-raping and the word "extravaganza".
Basically, it's just getting bitched at over silly shit but upper management makes a big deal out of it because they like to yell at people and you're "it". Plus they need a scapegoat. So technically, you DO get paid to be yelled at.
Said to co-worker: "Looks like the company didn't hit the numbers this quarter, I look forward to the asstretchaganza that's gonna go down on Monday."

dragstrip/wrestling announcer/used car commercial voice:
"Monday, Monday, Monday!!! Get ready for the "name of your company here" Asstretchaganza!"
by billyman April 05, 2007

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