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1. spank it
To masturbate.

Present: spankin' it
Past: spanked it. "Spunked it" works, too.
Harrison: What'd you do today?
Elizabeth: Wrote an exam, went to work. I'mma go home now and spank it.
2. spank it
Just like the word masterbait but short and hidden from people who might overhear and think badly. This will be a cover up and people might think you will be having sex without knowing in your head you are going home to masterbait
I'm gonna go home and spank it to that very sexy girl
3. spank it
To order through the drive-thru of a restaurant.
Are we eating in? Or do you want to spank it?
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