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1.
A myspank occurs when a friend beats you in a videogame while simultaneously chatting with his myspace contacts or doing general upkeep on his/her myspace page. This term can be used more generally to refer to any beating that occurs simultaneously with online social networking, especially when the person who is administering said beating is posting the details online even while the beating is still in progress. The popularity of twitter has made myspanks all the more common.

Note: it is not a valid myspank if the beating is paused or a time-out is called at any moment.
"Dude, Angela's just updated the picture on her profile while pwning you in Tekken. You just got myspanked."
by Brian Fury pwns all October 18, 2009