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2.
A really intense satisfying hug that you share with a good friend; a near orgasm from wrapping your arms around someone in a near-scandalous manner.
When I got back from my week-long trip, my girlfriend was so excited to see me that she gave me a huggasm when she picked me up at the airport.
by mtnrudi May 11, 2010
 
1.
A deep exhale of satisfaction after receiving a hug that is extremely tight.
Person 1: Hey you wanna hug?
Person 2: Yeah!
(Extremely tight hug--release)
Person 2: OOOHHAHHH... (exhale)
Person 1: I just gave you a hug-gasm!
by Huggy Lewis March 30, 2011