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1.
Noun. The act of engaging in mutual masturbation only, or engage in cybersex, with a partner without actual intercourse taking place.
Verb. To engage solely in mutual masturbation, or engage in cybersex, with a partner and nothing else.
Filbert and I had a wank and thank last night on instant messenger.

Lisa wanked and thanked with her ex-boyfriend after they broke up.
by Sheldon Wangle September 19, 2007