To fap to one's own ego. Taking narcissistic pleasure in one's abilities, status, etc. In a literal sense, ego-fapping is masturbating while looking at oneself (in a mirror, on video, etc.). Typically it is used in a figurative sense in reference to a politician, academic, religious figure, or some other individual who is prone to taking great pleasure in self-aggrandizement. Attention whores often ego-fap when they manage to attract an audience (which generally sends the audience packing, or serves as further amusement).
Academics love to ego-fap; they have luncheons by professors, for professors, simply to talk about how great they are.
<Insert politician's name here> is such an ego-fapper; he just loves to hear himself talk.
The only thing worse than an attention whore is an ego-fapping attention whore.