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A term used in Doctor Who fiction to refer to any piece of work which reuses old monsters or characters purely in an attempt to stir feelings in the groins of sad anal fanboys.
Fan1 "In this new book, the Daleks, the Cybermen and Yartek team up to fight a war against the Doctor, UNIT and the Time-Lords. The Doctor finally defeats The Master on the planet Skaro with help from Leela, K9 and the Sonic Screwdriver."

Fan2 "Sounds like a load of fanwank to me!"
Fanwank by Ian Moore January 28, 2004
Related Words

fagwanker 

A popular colloquial amalgam, comprising of the two slang roots; 'fag' and 'wanker', meaning:
1. Somebody who engages in masturbation with homosexuals
2. Somebody who is not held in high regard by the user, rather, is strongly disliked.
Des: "Hey John, I just bought a radiohead album!"
John: "Go wank some fags, you damn fagwanker!"
fagwanker by arklow representin March 23, 2006
To fill in plot holes or explain away lapses in continuity in fictional works by coming up with (often convoluted) explanations of how it could have happened.
"But David used Sarah's real name even though he never knew her before she changed her identity."

"He could have read her file. He had access to it in episode seventeen and there were a few minutes when he could have flicked through it."
fanwank by The Rev November 13, 2004
dicky C: what's up dr. Faggot?

bill: oh my god, somebody needs his dose of fagwank!