The act of masturbating to ones own hallucinations
John said once he got to the point of hallucinating Angelina Jolie in front of him, he started to hallucibate.
The act of seeing something that is not really there and masturbating at the same time.
Most commonly happens when on drugs.
Person1: Did you hear what happened to Jeff?
Person2: No, What?
Person1: He was so high, that he Hallucibated!