Not a reference to a place or vllage as the word may suggest, but a word used to describe an individual. It needs to be used without the indefinite article, i.e. someone cannot be "A wankersville", but is simply "Wankersville". Similar to Wanker, but is used when two syllables are simply not enough. A more elegant way to describe a wanker.
"F**k off, wankersville".
"I'm getting a round in, what do you want?"
"What about wankersville"
"Wankersville over there needs a good kick up the arse"