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1. one off the wrist
It is, indeed, yet another euphemism for masturbation.

As the description suggests, it generally refers to male masturbation.
I spent half the day, at work, in a cubicle in the toilets; fantasizing about rough sex with my boss, while having one off the wrist. Eventually I had to move to another cubicle when the toilet roll ran out.
2. one off the wrist
a term for wanking
i was sitting in my bedroom watching countdown and decided to have one off the wrist over carol vorderman.
by bake bean head Dec 5, 2003 add a video
3. one off the wrist
To wank using the hand.
He gave himself one off the wrist.
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