Similar to a danger wank in that the process involves masterbating while fully aware of the very real danger of being caught out, either by a parent, family member, work colleague, etc. The difference is that with a Meerkat Wank you are standing up whilst having a danger wank, and so are straining your head and neck whilst listening and looking out for anyone who might catch you in the act. Looking like a meerkat standing sentry on it's rear legs as you do so.
Those who quickly sit upwards randomly during a sleeping session. They look around like a meerkat and then shortly after confirming their environment is safe, they resume sleeping.
"Stop eating pasta and go the fuck to bed Jayson, and i swear to godyou better not Papa Meerkat tonight!"
Also,
"Why the fuck is Jayson looking around, its 3 am!", "don't worry bro it's just papa meerkat.. he's more scared of us then we are of him".
Draw a smiley face on your penis* and titty fuck your mate. The face will pop out at her like an alert meerkat emerging from its burrow. Repeat until the meerkat vomits on her face, then force her to say, "Thank you... Thank you very much."
When someone yells or drops something loudly in a cube farm, and people's heads pop up over the walls to see what's going on. (This also applies to applause from a promotion because there maybe cake, coffee and doughnuts.)
I heard moans of disgust, so I stood up to see what was going on, only to find myself participating in meerkat madness, caused by Fred's crop dusting.